Key Developments: Hertz Global Holdings Inc (HTZ.N)

HTZ.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Pomerantz LLP announces the filing of a class action against Hertz Global Holdings, Inc., The Hertz Corporation and Certain Officers
Wednesday, 18 Jun 2014 10:27am EDT 

Pomerantz LLP:Files class action lawsuit against Hertz Global Holdings, Inc. and certain of its officers.Class action, filed in United States District Court, District of New Jersey, is on behalf of class consisting of all persons or entities who purchased or otherwise acquired Hertz securities between Feb. 22, 2012 and June 6, 2014 both dates inclusive (Class Period).This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.  Full Article

Milberg LLP announces filing of a class action lawsuit against Hertz Global Holdings
Monday, 16 Jun 2014 03:18pm EDT 

Milberg LLP:Says class action lawsuit has been filed in United States District Court for District of New Jersey on behalf of purchasers of Hertz Global Holdings, Inc securities during the period Feb. 22, 2012 to June 6, 2014, (Class Period).  Full Article

Hertz Global Holdings Inc Joins sustainable mobility initiative Zem2All to provide electric vehicle access in Spain
Friday, 13 Jun 2014 08:00am EDT 

Hertz Global Holdings Inc:Joins in Spain Zero Emissions Mobility To All (Zem2All).Partnership with Endesa, Hertz will be renting the all-electric Nissan Leaf from its Malaga city and airport locations to help to promote sustainable and smarter city transport.  Full Article

Hertz Global Holdings Inc reaffirms FY 2014 guidance
Tuesday, 13 May 2014 05:48pm EDT 

Hertz Global Holdings Inc:Reaffirms FY 2014 guidance which it issued on March 18.Expects FY 2014 to generate worldwide revenues in the range of $11.40 billion - $11.70 billion.Expects FY 2014 corporate EBITDA in the range of $2.06 billion - $2.42 billion.Expects FY 2014 adjusted pre-tax income in the range of $1.21 billion - $1.43 billion.Expects FY 2014 adjusted net income in the range of $785 million - $925 million.Expects FY 2014 adjusted diluted earnings per share in the range of $1.70 - $2.00.FY 2014 revenue of $11.52 billion, EBITDA of $2.28 billion, net income of $864 million, pre-tax profit of $1.33 billion and EPS of $1.86 - Thomson Reuters I/B/E/S.  Full Article

Hertz Global Holdings Inc approves separation of equipment rental business
Tuesday, 18 Mar 2014 06:00am EDT 

Hertz Global Holdings Inc:Approves plans to separate into two independent, publicly traded companies.Two companies will be 'Hertz', comprised of Hertz, Dollar, Thrifty and Firefly rental car businesses as well as Donlen, a provider of fleet leasing and management services, and 'HERC', Hertz Equipment Rental Corporation.Separation is planned to be in form of tax-free spin-off to Hertz shareholders, and company has received Private Letter Ruling from Internal Revenue Service that allows Hertz to separate businesses in a tax-efficient manner.Hertz expects separation of HERC to close by early 2015.Hertz will receive net cash proceeds from HERC spin-off of about $2.5 bln that will be used to pay down Hertz debt and support newly approved $1 bln share repurchase program.Majority of shares are likely to be purchased following the HERC separation, dependent on market conditions.Share repurchases could reach 20 pct of Hertz's outstanding shares of common stock, which includes the $1 bln already approved.  Full Article

Hertz Global Holdings Inc gives FY 2014 guidance; earnings guidance below analysts' estimates
Tuesday, 18 Mar 2014 06:00am EDT 

Hertz Global Holdings Inc:Sees FY 2014 revenues of $11.40 bln - $11.70 bln.Sees FY 2014 adjusted net income of $785 mln - $925 mln.Sees adjusted diluted earnings per share of $1.70 - $2.00.FY 2014 revenues of $11.60 bln, net income of $955 mln and EPS of $2.07 - Thomson Reuters I/B/E/S.  Full Article

Ryan & Maniskas, LLP announces class action lawsuit against Hertz Global Holdings Inc
Wednesday, 4 Dec 2013 07:15pm EST 

Ryan & Maniskas, LLP:Says that a class action lawsuit has been filed in the US District Court for the District of New Jersey on behalf of purchasers of Hertz Global Holdings Inc common stock during the period between Feb. 25, 2013 and Nov. 4.Says the complaint charges Hertz and certain of its officers and directors with violations of the Securities Exchange Act of 1934.Says the complaint alleges that during the class period, defendants issued materially false and misleading statements regarding the company's financial performance and future prospects.  Full Article

Tom Kennedy appointed Hertz Global Holdings Inc CFO
Monday, 2 Dec 2013 05:16pm EST 

Hertz Global Holdings Inc:Says Thomas (Tom) C. Kennedy has been appointed Senior Executive Vice President and Chief Financial Officer, effective December 9, 2013.Says David J. Rosenberg, who has been serving as interim Chief Financial Officer since October 1, 2013, will assist Mr. Kennedy during a transition period, before taking on another senior role in the Company's Finance area.  Full Article

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.  Full Article

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.  Full Article

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Hertz says restatement to dent profit more than expected

- Car rental company Hertz Global Holdings Inc said it expects profits for 2011, 2012 and 2013 will be reduced more than expected due to an ongoing restatement of results.

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