HTZ DEADLINE ALERT: Kessler Topaz Meltzer & Check, LLP Announces Deadline in Hertz Global Holdings, Inc. (HTZ) Securities Fraud Class Action Lawsuit

Radnor, Pennsylvania--(Newsfile Corp. - July 29, 2024) - The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed against Hertz Global Holdings, Inc. ("Hertz") (NASDAQ: HTZ). The action charges Hertz with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company's business, operations, and prospects. As a result of Hertz's materially misleading statements and omissions to the public, Hertz's investors have suffered significant losses. The lead plaintiff deadline is July 30, 2024.

If you suffered Hertz losses, you may CLICK HERE or go to: https://www.ktmc.com/new-cases/hertz-global-holdings-inc?utm_source=PR ...

You can also contact attorney Jonathan Naji, Esq. of Kessler Topaz by calling [phone] or by email at [e-mail].

DEFENDANTS' ALLEGED MISCONDUCT

On January 11, 2024, Hertz revealed in a filing with the SEC that it would sell approximately 20,000 electric vehicles ("EVs") from its U.S. fleet, or about one-third of its global EV fleet, "to better balance supply against expected demand of EVs." According to Hertz, this would "result in the recognition, during the fourth quarter of 2023, of approximately $245 million of incremental net depreciation expense related to the sale[,]" which "represents the write down of the EVs' carrying values as of December 31, 2023 to their fair values, less related expenses associated with the disposition of the vehicles."

Following this news, Hertz's stock price fell $0.40 per share, or 4.28%, to close at $8.95 per share on January 11, 2024.

On March 15, 2024, Hertz announced that its CEO and Chairman of its Board of Directors would resign from his roles by the end of the month, and that Hertz had subsequently appointed a new CEO.

Then, on April 25, 2024, Hertz issued a press release announcing its first quarter 2024 results. Among other items, Hertz reported EPS of -$1.28 for the quarter, well short of the consensus estimate of -$0.43, and far worse than the adjusted diluted EPS of $0.39 that Hertz had achieved in the same period the year prior. In discussing these results, Hertz revealed that vehicle depreciation in the quarter increased $588 million, or $339 on a per-unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on internal combustion engine vehicles compared to gains in the prior-year quarter. Moreover, Hertz reported a $195 million charge to vehicle depreciation to write down EVs held for sale that were remaining in inventory at quarter-end to fair value and to recognize the disposition losses on EVs sold in the period.