|[December 13, 2013]
Law Offices of Howard G. Smith Announces Lead Plaintiff Deadline In The Class Action Lawsuit Against Hertz Global Holdings, Inc.
BENSALEM, Pa. --(Business Wire)--
Law Offices of Howard G. Smith announces that investors of Hertz Global
Holdings, Inc. ("Hertz" or the "Company") (NYSE:HTZ) have until January
19, 2014, to move the Court to serve as lead plaintiff in the securities
fraud class action lawsuit filed in the United States District Court for
the District of New Jersey on behalf of a class (the "Class") comprising
all purchasers of Hertz common stock between February 25, 2013 and
November 4, 2013, inclusive (the "Class Period").
Hertz engages in the car and equipment rental businesses worldwide. Its
rental car segment primarily appeals to higher-margin corporate
clientele. Following the December 2012 divestiture of the U.S.
operations of Advantage Rent A Car ("Advantage"), Hertz has increasingly
relied upon increased sales in the so-called "opaque" market, where
online customers are able to bid for travel-related products or services
without knowing the brand. he Complaint alleges that the Company and
certain of its executive officers misrepresented or failed to disclose
Hertz was losing sales in the important airport market, which offers
higher rental prices and margins than off-airport, longer-term
"replacement car" locations.
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.
Hertz and Advantage were engaged in a disagreement over the value of
the Advantage fleet assets.
Hertz was carrying the value of its fleet transferred to Advantage and
its subsidiary Simply Wheelz on its books at an artificially inflated
To be a member of the Class you need not take any action at this time or
may retain counsel of your choice. If you purchased shares prior to the
Class Period and wish to learn more concerning your rights or interests
with respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free
at (888) 638-4847, or by email to firstname.lastname@example.org,
or visit our website at http://www.howardsmithlaw.com.
[ Back To Technology News's Homepage ]