Glancy Binkow & Goldberg LLP announces that all purchasers of the common stock of Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NYSE:HTZ) between February 25, 2013 and November 4, 2013, inclusive (the “Class Period”) have until January 19, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of New Jersey. A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US AT (212) 682-5340, TOLL-FREE AT (888) 773-9224, OR AT SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED. Hertz engages in the car and equipment rental businesses worldwide. Its rental car segment primarily appeals to higher-margin corporate clientele. Following the December 2012 divestiture of the U.S. operations of Advantage Rent A Car (“Advantage”), Hertz has increasingly relied upon increased sales in the so-called “opaque” market, where online customers are able to bid for travel-related products or services without knowing the brand. The Complaint alleges that the Company and certain of its executive officers misrepresented or failed to disclose that:
- Hertz was losing sales in the important airport market, which offers higher rental prices and margins than off-airport, longer-term “replacement car” locations.
- Hertz had significant undisclosed exposure to Advantage subsidiary Simply Wheelz’s insolvency resulting from its having transferred much of its older, less-valuable fleet to Advantage in the divestiture and valuing the transferred fleet at improperly high prices.
- Hertz and Advantage were engaged in a disagreement over the value of the Advantage fleet assets.
- Hertz was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level.