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Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Hertz Global Holdings, Inc


Wednesday, 20 Nov 2013 05:24pm EST 

Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Hertz Global Holdings, Inc. ("Hertz") common stock during the period between February 25, 2013 and November 4, 2013 (the "Class Period"). The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects, failing to disclose that: (a) Hertz was losing sales in the all-important airport market, which offers higher rental prices and margins than off-airport, longer-term "replacement car" locations; (b) Hertz had undisclosed exposure to the insolvency of Advantage Rent A Car ("Advantage") subsidiary Simply Wheelz LLC ("Simply Wheelz"), a wholly-owned subsidiary of Hertz that operated its Advantage business; (c) Hertz and Advantage were engaged in a disagreement over the value of the Advantage fleet assets; (d) Hertz was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level; and (e) as a result of the foregoing, Hertz lacked a reasonable basis for the positive statements about its business, earnings and prospects during the Class Period. 

Company Quote

21.95
-0.41 -1.83%
30 Oct 2014