Hertz(US:HTZ) Prnewswireยท2024-06-28 09:45Core 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].