Stockholder Alert: Robbins LLP Informs Investors that a Shareholder Has Filed a Class Action Against Hertz Global Holdings, Inc. (HTZ)

Core Viewpoint - A class action lawsuit has been filed against Hertz Global Holdings, Inc. for allegedly misleading investors about the financial impact of vehicle depreciation and demand for electric vehicles (EVs) [1][2]. Group 1: Allegations - The lawsuit claims that Hertz downplayed the financial impact of vehicle depreciation and overstated its ability to manage it [2]. - It is alleged that demand for Hertz's EVs was not as strong as represented to investors [2]. - The company reportedly had an excess of vehicles, particularly EVs, which could jeopardize profitability [2]. - As a result of these factors, Hertz is expected to incur significant losses on both internal combustion engine (ICE) and EV vehicles [2]. Group 2: Financial Results - On April 24, 2024, Hertz reported an adjusted diluted earnings-per-share (EPS) of -$1.28 for Q1 2024, significantly below the consensus estimate of -$0.43 and a decline from the adjusted diluted EPS of $0.39 in the same quarter the previous year [3]. - Vehicle depreciation increased by $588 million in the quarter, translating to $339 per unit, primarily due to lower estimated forward residual values and losses on ICE vehicles [3]. - Of the $339 per unit increase in depreciation, $119 was attributed to EVs held for sale [3]. - Hertz also recorded a $195 million charge to vehicle depreciation to adjust the value of EVs held in inventory to fair value and to recognize losses on EVs sold during the period [3]. - Following the announcement of these results, Hertz's stock price fell by $1.12 per share, or 19.31%, closing at $4.68 on April 25, 2024 [3].