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Glancy Binkow & Goldberg LLP announces class action lawsuit on behalf of investors of Hertz Global Holdings Inc


Friday, 22 Nov 2013 07:28pm EST 

Glancy Binkow & Goldberg LLP:Says filing of a class action lawsuit in the US District Court for the district of New Jersey on behalf of a class comprising all purchasers of the common stock of Hertz Global Holdings Inc.Says class period between Feb. 25 and Nov. 4, inclusive.Says Hertz Global Holdings and certain of its executive officers misrepresented or failed to disclose that Hertz was losing sales in the important airport market, which offers higher rental prices and margins than off-airport, longer-term replacement car locations.Says Hertz had significant undisclosed exposure to Advantage subsidiary Simply Wheelz’s insolvency resulting from its having transferred much of its older, less-valuable fleet to Advantage in the divestiture and valuing the transferred fleet at improperly high prices.Says Hertz and Advantage were engaged in a disagreement over the value of the Advantage fleet assets.Says Hertz was carrying the value of its fleet transferred to Advantage and its subsidiary Simply Wheelz on its books at an artificially inflated level. 

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1 May 2015