Hertz(US:HTZ) Prnewswireยท2024-07-19 14:25Core Viewpoint - The article discusses ongoing legal investigations and potential claims against Hertz Global Holdings, Inc. due to alleged violations of federal securities laws, particularly concerning misleading statements about the company's financial health and vehicle depreciation issues [2][3]. Group 1: Legal Investigation and Claims - Faruqi & Faruqi, LLP is investigating potential claims against Hertz and reminds investors of the July 30, 2024 deadline to seek the role of lead plaintiff in a federal securities class action [2]. - The complaint alleges that Hertz and its executives made materially false and misleading statements regarding the company's business operations and prospects, particularly about vehicle depreciation and demand for electric vehicles (EVs) [3]. Group 2: Financial Performance and Impact - On January 11, 2024, Hertz announced plans to sell approximately 20,000 EVs, leading to an expected $245 million increase in net depreciation expense for the fourth quarter of 2023 [4]. - Following the announcement, Hertz's stock price fell by $0.40 per share, or 4.28%, closing at $8.95 per share [4]. - In its first quarter 2024 results, Hertz reported an adjusted diluted EPS of -$1.28, significantly below the consensus estimate of -$0.43 and down from $0.39 in the same period the previous year [5]. - Vehicle depreciation increased by $588 million, or $339 per unit, primarily due to losses on internal combustion engine (ICE) vehicles and EVs [5]. - Hertz's stock price further declined by $1.12 per share, or 19.31%, closing at $4.68 per share on April 25, 2024, following the release of its disappointing financial results [6].