Hertz(US:HTZ) Prnewswireยท2024-06-06 09:45Core Viewpoint - Hertz Global Holdings, Inc. is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between April 27, 2023, and April 24, 2024 [1][2]. Group 1: Allegations of Fraud - The lawsuit claims that Hertz downplayed the financial impact of vehicle depreciation and overstated its ability to manage it [2]. - It is alleged that the demand for Hertz's electric vehicles (EVs) was not as strong as represented to investors [2]. - The company reportedly had an excess of vehicles, particularly EVs, which could hinder profitability [2]. - As a result of these issues, Hertz is expected to incur significant losses on the sale of both internal combustion engine (ICE) vehicles and EVs [2]. - The aforementioned factors are said to have had a substantial negative impact on Hertz's financial results, rendering the company's public statements materially false and misleading [2]. Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until July 30, 2024, to request appointment as lead plaintiff [3]. - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].