A live webcast of the call will be available on the Investor Relations page of the Company's website at https://ir.hertz.com. To access the call by phone, please register through this link: Hertz Q2 2024 earnings teleco registration, and you will be provided with dial-in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A web replay will remain available on the website for one year. SOURCE Hertz Global Holdings, Inc. ESTER ...

Core Viewpoint - Hertz Global Holdings, Inc. is facing a class action lawsuit due to allegations of issuing materially false and misleading statements regarding its financial health and vehicle management practices during the class period from April 27, 2023, to April 24, 2024 [2][4]. Group 1: Allegations - The complaint alleges that Hertz downplayed the financial impact of vehicle depreciation and overstated its ability to manage this depreciation [4]. - It is claimed that the demand for Hertz's electric vehicles (EVs) was not as strong as represented to investors [4]. - The company reportedly had an excess of vehicles, particularly EVs, which could jeopardize profitability [4]. - As a result of these issues, Hertz is likely to incur significant losses on the sale of both internal combustion engine (ICE) vehicles and EVs [4]. - The aforementioned factors are said to have had a significant negative impact on Hertz's financial results, rendering the company's public statements materially false and misleading [4]. Group 2: Legal Proceedings - The Gross Law Firm is leading the class action and is committed to protecting the rights of investors who suffered losses due to the alleged misconduct [2]. - Shareholders who purchased shares of HTZ during the specified class period are encouraged to register for the class action by the deadline of July 30, 2024 [3][5]. - Participation in the case does not require appointment as a lead plaintiff, and there is no cost or obligation for shareholders to join [5].

Core Insights - The article emphasizes the importance of identifying stocks to sell, particularly those facing significant financial challenges in the automobile manufacturing, passenger ground transportation, and electrical components industries [1][2]. Mullen Automotive (MULN) - Mullen Automotive's equity has decreased from $272.8 million on September 30, 2023, to $117.4 million as of March 31, 2024, primarily due to impairment charges and operating losses totaling around $129.9 million, reflecting a decline of $155.4 million [4][6]. - The company's reliance on external funding is increasing due to rapidly falling cash reserves, which may lead to higher debt levels or dilution of current shareholders' ownership [6]. Hertz Global (HTZ) - Hertz Global reported a $588 million increase in vehicle depreciation costs in Q1 2024 compared to Q1 2023, significantly impacting its financial performance [7][8]. - The company faced a negative adjusted corporate EBITDA of $567 million and an adjusted net loss of $392 million, indicating severe pressure on profitability and operational sustainability [9]. Plug Power (PLUG) - Plug Power generated $120.3 million in sales but reported a loss of $0.46 per share, highlighting challenges in converting sales into profitability due to high operational costs [10][11]. - The company incurred almost $46 million in restructuring and asset impairments in Q1 2024, including $40 million in non-cash charges, indicating difficulties in maximizing asset usage and aligning expenses with income [12][13].

Core Viewpoint - Hertz Global Holdings, Inc. reported disappointing first quarter 2024 results, with an EPS of -$1.28, significantly below the consensus estimate of -$0.43 and a decline from the adjusted diluted EPS of $0.39 in the same period last year [2] Financial Performance - Hertz's vehicle depreciation increased by $588 million, or $339 per unit, due to lower estimated forward residual values and losses on internal combustion engine vehicles compared to gains in the prior year [2] - A $195 million charge was taken for vehicle depreciation to write down electric vehicles (EVs) held for sale to fair value and to recognize losses on EVs sold during the quarter [2] Stock Market Reaction - Following the announcement of the first quarter results, Hertz's stock price fell by $1.12, or 19.31%, closing at $4.68 per share on April 25, 2024 [11] - Earlier, on January 11, 2024, Hertz's stock dropped by $0.40, or 4.28%, to close at $8.95 per share after announcing the sale of approximately 20,000 EVs from its fleet [6] Legal Issues - A securities class action lawsuit has been filed against Hertz for violations of federal securities laws, alleging omissions and fraudulent misrepresentations regarding the company's business and operations [5] - The lead plaintiff deadline for the class action is set for July 30, 2024 [5][15]

Core Viewpoint - Hertz Global Holdings, Inc. announced the sale of $750 million of First Lien Senior Secured Notes and $250 million of Exchangeable Senior Second-Lien Secured PIK Notes to improve liquidity and pay down a portion of its revolving credit facility [9][10]. Group 1: Notes and Terms - The First Lien Notes will bear interest at a rate of 12.625% per annum, maturing on July 15, 2029, with interest payable semi-annually starting January 15, 2025 [11]. - The Exchangeable Notes will bear PIK interest at a rate of 8.000% per year, maturing on July 15, 2029, with interest payable semi-annually starting January 15, 2025 [12]. - The initial exchange rate for the Exchangeable Notes is set at 150.9388 shares of Common Stock per $1,000 principal amount, representing an initial exchange price of approximately $6.6252 per share, which is a premium of about 89% to the closing price of $3.51 on June 20, 2024 [13]. Group 2: Corporate Structure and Guarantees - The Notes are expected to be guaranteed by Rental Car Intermediate Holdings, LLC, Hertz Corp.'s direct parent company, and existing domestic subsidiaries that guarantee indebtedness under Hertz Corp.'s first lien credit facilities [2]. - The First Lien Notes and related guarantees are expected to be secured on a first-lien basis by the same assets that secure indebtedness under Hertz Corp.'s first lien credit facilities, making them effectively pari passu with that indebtedness [2]. - The Exchangeable Notes and related guarantees are expected to be secured on a second-lien basis by the same collateral, making them effectively junior to the First Lien Notes [3]. Group 3: Offering Details - The offerings are private placements exempt from the registration requirements of the Securities Act, targeting qualified institutional buyers and non-U.S. persons [4]. - The expected closing date for the offerings is around June 28, 2024, subject to customary closing conditions [9].

For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. According to the complaint, during the class period, defendants failed to disclose that: (i) Hertz had downplayed the financial impact of vehicle depreciation, and/or overstated its ability to track and manage vehicle depreciation; (ii) demand for Hertz's EVs was not as strong as defendants had led investors to believe; (iii) Hertz had too many vehicles, particularly EVs, in its fleet to remain profita ...

LOS ANGELES, June 20, 2024 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming July 30, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NASDAQ: HTZ) securities between April 27, 2023 and April 24, 2024, inclusive (the "Class Period"). If you suffered a loss on your Hertz investments or would like to inquire about potentially pursuing ...

ESTERO, Fla., June 20, 2024 /PRNewswire/ -- Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz" or the "Company"), a leading global rental car company, today announced that its wholly-owned indirect subsidiary, The Hertz Corporation ("Hertz Corp."), intends to offer, subject to market and other conditions, $500 million in aggregate principal amount of First Lien Senior Secured Notes due 2029 (the "First Lien Notes") and $250 million in aggregate principal amount of Exchangeable Senior Second-Lien Secured PIK ...

LOS ANGELES, June 19, 2024 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Hertz Global Holdings, Inc. ("Hertz" or "the Company") (NASDAQ: HTZ) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission. Investors who purchased the Company's securities between April 27, 2023 and April 24, 2024, inclusive (the "Class P ...

NEW YORK, June 18, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NASDAQ: HTZ) of a class action securities lawsuit. https://zlk.com/pslra-1/hertz-global-holdings-inc-lawsuit-submission-form?prid=85761&wire=4 CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) Hertz had downplayed the financial impact of vehicle depreciation, and/or overstated its ability to track and manage vehic ...