San Diego, CA -- (ReleaseWire) -- 07/07/2014 -- An investigation on behalf of current long-term investors in shares of Hertz Global Holdings, Inc. (NYSE:HTZ) concerning potential breaches of fiduciary duties by certain directors and officers of Hertz Global Holdings, Inc. was announced.
Investors who are current long term investors in Hertz Global Holdings, Inc. (NYSE:HTZ) shares, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in NYSE:HTZ stocks follows a lawsuit filed recently against Hertz Global Holdings, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:HTZ stocks, concerns whether certain Hertz Global Holdings officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the District of New Jersey the plaintiff alleges that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The plaintiff claims that Hertz Global Holdings, Inc issued financial statements that were not accurate, did not comply with Generally Accepted Accounting Principles (GAAP), and served to artificially inflate the market price of Hertz Global Holdings, Inc's publicly traded securities
On June 6, 2014, Hertz Global Holdings, Inc. disclosed in a filing with the SEC that on May 13, 2014, each of Hertz Global Holdings, Inc. and The Hertz Corporation (collectively referred to herein as “Hertz” or the “Company”) delayed the filing of its Form 10-Q for the period ended March 31, 2014. Hertz Global Holdings, Inc. said that during the preparation of the First Quarter 10-Q, errors were identified relating to Hertz’s conclusions regarding the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, as well as other items. Furthermore, Hertz Global Holdings, Inc. said that the Audit Committee has concluded that the financial statements for 2011 should no longer be relied upon, and Hertz must restate them, and that Hertz also needs to correct the 2012 and 2013 financial statements to reflect these errors. Shares of Hertz Global Holdings, Inc. (NYSE:HTZ) dropped from over $30 per share on June 5, 2014, to as low as $26.24 per share during June 10, 2014.
On July 3, 2014, NYSE: HTZ shares closed at $28.95 per share.
Those who purchased shares of Hertz Global Holdings, Inc. (NYSE:HTZ) have certain options and should contact the Shareholders Foundation.
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