NEW YORK, NY– LawFuel.com- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NYSE: HTZ) of the January 21, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Hertz and certain executives.
A complaint has been filed on behalf of all persons who purchased Hertz securities between February 25, 2013 and November 4, 2013, inclusive (the “Class Period”) in the U.S. District Court for the District of New Jersey.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period Hertz and its executives made a series of false and misleading statements by failing to disclose that (1) the Company was losing sales in the large airport market; (2) the Company had significant exposure to the insolvency of Simply Wheelz LLC (“Simply Wheelz”); (3) the Company and Advantage Rent A Car (“Advantage”) were engaged in a disagreement over the value of the Advantage fleet assets; and (4) the Company was carrying its fleet transferred to Advantage and Simply Wheelz on its books at an artificially inflated level.
On September 26, 2013, the market was warned of the Company’s misrepresentations when Hertz issued a press release significantly revising prior guidance. On this news, the Company’s stock declined $4.15 per share, or over 16%, to close at $21.63 per share on September 26, 2013.
Then, after the market closed on November 4, 2013, Hertz announced that its net income fell more than $28 million in the third quarter of 2012, and disclosed its exposure to Simply Wheelz’s insolvency. On this news, the Company’s stock declined $2.50 per share, or over 10%, to close at $21.30 on November 5, 2013.
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If you invested in Hertz stock, bonds or options between February 25, 2013 and November 4, 2013 and would like to discuss your legal rights, visit www.faruqilaw.com/HTZ. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected] or [email protected] Faruqi & Faruqi, LLP also encourages anyone with information regarding Hertz’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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