NEW YORK (TheStreet) -- Hertz Global (HTZ) shares are down 6.73% to $21.20 on Friday after the company announced that in addition to restating its 2011 financial results due to accounting errors, it will also have to do the same for its 2012 and 2013 results.
The vehicle rental company was told in June that it was being investigated by the SEC over suspected accounting mistakes in it's financial disclosures. In response to that news Hertz began an internal audit of its financial statements that have turned up $87 million in errors so far.
The controversy, along with pressure from activist investor Carl Icahn who disclosed an 8% stake in the company in August, forced CEO Mark Frissora to resign in September after eight years with the company.
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The company also revealed its compensation package for interim CEO Brian Macdonald in today's announcement, stating that he will receive a base salary of $1.1 million along with an annualized cash incentive of $500,000.
TheStreet Ratings team rates HERTZ GLOBAL HOLDINGS INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate HERTZ GLOBAL HOLDINGS INC (HTZ) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, good cash flow from operations, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."