| Company: | Hertz Global Holdings, Inc |
| Ticker Symbol: | HTZ |
| Class Period: | Feb-25-13 to Nov-4-13 |
| Date Filed: | Nov-3-13 |
| Lead Plaintiff Deadline: | Jan-2-14 |
| Court: | District of New Jersey |
| Allegations: | |
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Hertz Global Holdings, Inc. (NYSE:HTZ) between February 25, 2013 and November 4, 2013, that Hertz Global Holdings, Inc. and certain of its senior executives violated the Securities Exchange Act of 1934.
More specifically, the plaintiff alleges that between February 25, 2013 and November 4, 2013 the defendants issued materially false and misleading statements regarding Hertz Global Holdings' financial performance and future prospects, failing to disclose that Hertz Global Holdings was losing sales in the all-important airport market, which offers higher rental prices and margins than off-airport, longer-term "replacement car"locations, that Hertz Global Holdings had significant undisclosed exposure to the insolvency of Advantage Rent A Car ("Advantage") subsidiary Simply Wheelz LLC ("imply Wheelz"), a wholly-owned subsidiary of Hertz that operated its Advantage business, that Hertz Global Holdings and Advantage were engaged in a disagreement over the value of the Advantage fleet assets, that Hertz Global Holdings was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level, and that as a result of the foregoing, Hertz Global Holdings lacked a reasonable basis for the positive statements about its business, earnings and prospects between February 25, 2013 and November 4, 2013.
Hertz Global Holdings, Inc. reported that its annual Total Revenue increased from over $6.98 billion in 2009 to over $8.83 billion in 2012 and that its Net Loss of $129.53 million in 2009 turned into a Net Income of $243.08 million in 2012.
Shares of Hertz Global Holdings, Inc. (NYSE:HTZ) grew from $2.24 per share in March 2009 to as high as $27.38 per share on September 17, 2013.
Then on September 26, 2013, Hertz Global Holdings, Inc. announced that it reviewed its guidance for the full-year 2013 revenues, adjusted pre-tax income, Corporate EBITDA, adjusted net income and adjusted diluted earnings per share.
Shares of Hertz Global Holdings, Inc. (NYSE:HTZ) declined from $25.78 per share on September 25, 2013, to $21.63 per share on September 26, 2013.
Then on November 4, 2013, Hertz Global Holdings, Inc. reported its third quarter 2013 results. Among other things, Hertz Global Holdings, Inc. announced that its third quarter 2013 net income attributable to Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $214.7 million or $0.47 per share on a diluted basis, compared to $242.9 million or $0.55 per share on a diluted basis for the third quarter of 2012.
Shares of Hertz Global Holdings, Inc. declined from $23.81 per share on November 4, 2013, to $20.06 per share on November 5, 2013.
On December 2, 2013, NYSE:HTZ shares closed at $24.68 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
