NEW YORK, June 10, 2024 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you own or hold stock in Hertz Global Holdings (OTC:), Inc.? (NASDAQ: HTZ)?
- Did you purchase your shares between April 27, 2023 and April 24, 2024 inclusive?
- Did you lose money investing in Hertz Global Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired Hertz Global Holdings, Inc. securities. (Hertz or the Company) (NASDAQ: HTZ) between April 27, 2023 and April 24, 2024, including (semester period). The lawsuit was filed in the U.S. District Court for the Middle District of Florida and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the Complaint).
If you are Purchasing or obtaining Hertz securities, and/or wish to discuss your legal rights and options Please visit the Hertz Global Holdings, Inc. Shareholder Class Action Lawsuit. Or contact our Investor Relations Manager Peter Aluko at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Defendants failed to disclose to investors that: (1) Hertz underestimated the financial impact of the vehicle impairment, and/or overstated its ability to track and manage the vehicle impairment; (2) demand for Hertz's electric vehicles (EV) was not as strong as Defendants led investors to believe; (3) Hertz had too many vehicles, particularly electric vehicles, in its fleet to continue to be profitable; and (4) Hertz was likely to incur significant losses in connection with the disposition of both its internal combustion engine (ICE) and electric vehicles.
On April 25, 2024, Hertz reported first-quarter 2024 results, including adjusted diluted earnings per share (EPS) of -$1.28 for the quarter, well below the consensus estimate of -$0.43, and significantly worse than EPS. Adjusted diluted EPS of $0.39 was earned by the company in the same period a year earlier. Discussing these results, Hertz revealed that vehicle impairments in the quarter increased by $588 million, or $339 on a per-unit basis, primarily driven by deterioration in estimated future residual values and disposal losses on ICE vehicles compared to gains in the prior-year quarter. . The company also revealed that of the $339 per unit increase, $119 was related to electric vehicles held for sale. Hertz also reported a $195 million vehicle depreciation charge to write off electric vehicles held for sale that were remaining in inventory at quarter-end to fair value and to recognize disposal losses on electric vehicles sold in the period.
On this news, Hertz's stock price fell $1.12 per share, or 19.31%, to close at $4.68 per share on April 25, 2024.
If you wish to serve as lead plaintiff, you must move the court no later than July 30, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the lawsuit. Your ability to participate in any recovery does not require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you are Purchasing or obtaining Hertz securities, and/or wish to discuss your legal rights and options Please visit the Hertz Global Holdings, Inc. Shareholder Class Action Lawsuit. Or contact our Investor Relations Manager Peter Aluko at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered more than $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation's largest public and private pension funds to monitor their assets and pursue litigation on their behalf. As a result of its success in prosecuting hundreds of lawsuits and class actions, the firm has been named to the National Law Journal's Plaintiffs' Hot List thirteen times and has been named to The Legal 500 for sixteen consecutive years.
Lawyer advertisement. © 2024 Bernstein Liebhard LLP. The law firm responsible for this announcement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar result with respect to any future matter.
contact information:
Peter Aluko
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com