NEW YORK, May 12, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NASDAQ: HTZ). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Hertz and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On April 25, 2024, Hertz reported its financial results for the first quarter of 2024. Among other items, Hertz disclosed earnings per share of -$1.28, well short of both the consensus estimate of -$0.43 and $0.39 for the same period in the prior year. Hertz stated 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. Additionally, of the $339 per unit increase, $119 was related to electric vehicles held for sale.
On this news, Hertz’s stock price fell $1.12 per share, or 19.31%, to close at $4.68 per share on April 25, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
