Moore Law PLLC Investigates Hertz Global Holdings for Shareholder Claims

Investor Action Notice: Moore Law PLLC's Investigation of Hertz Global Holdings Inc.

New York, NY – Moore Law, PLLC, a prominent shareholder litigation law firm based on Wall Street, has initiated an investigation concerning potential claims against the officers and directors of Hertz Global Holdings Inc. The firm is reaching out to shareholders to disclose relevant information regarding their investments in the company, especially those who acquired shares prior to April 27, 2023.

The investigation springs from serious allegations that Hertz may have issued false and misleading statements regarding its financial performance, particularly in relation to vehicle depreciation. Sources indicate that potentially misleading claims revolve around several critical factors impacting Hertz's business, such as:
1. Hertz allegedly minimized the adverse effects of vehicle depreciation on its financial situation and overestimated its ability to monitor and manage this depreciation effectively.
2. Reports suggest that the demand for Hertz's electric vehicles (EVs) was not as robust as portrayed to investors, raising concerns about overvaluation.
3. It has been noted that the company maintained an unsustainable number of vehicles, especially EVs, making it challenging to achieve profitability.
4. Consequently, Hertz is likely to face considerable losses from both its internal combustion engine (ICE) and EV fleets, as the company has been pressured to reassess its inventory levels.
5. All these factors may have led to a significant negative impact on Hertz's financial outcomes, which could materially affect shareholders’ interests.

An important turning point came on January 11, 2024, when Hertz announced in a filing with the U.S. Securities and Exchange Commission its plans to sell around 20,000 EVs from its fleet in the U.S. This figure constituted roughly one-third of its global EV inventory, a measure aimed at recalibrating supply to meet the actual demand for these vehicles. The announcement clarified that the adjusted corporate EBITDA for the fourth quarter of 2023 would take a hit due to the net depreciation expenses accompanying this sales plan, along with elevated depreciation costs as residual values for vehicles faced sharper than anticipated declines during the quarter.

Following this news, Hertz's stock price experienced a considerable drop, declining by $0.40, or 4.28%, closing at $8.95 per share on January 11, 2024. This downturn reflects the market's reaction to the new information that could indicate greater challenges for Hertz than initially communicated.

If you hold shares in Hertz (NASDAQ: HTZ) and are concerned about the implications of these developments, Moore Law PLLC encourages you to contact attorney Fletcher Moore via email at [email protected]. Potential claimants may be entitled to pursue monetary damages, corporate governance reforms, and reimbursement for losses. Remarkably, these services are offered on a contingency-fee basis, meaning that shareholders will incur no fees or expenses out-of-pocket. The law firm assures that all representation will be arranged at no cost to the shareholders, thus providing an accessible avenue for those affected.

As Moore Law PLLC navigates this investigation, it emphasizes the importance of transparency and integrity in corporate governance. Stakeholders and investors alike are urged to stay informed and to reach out if they believe they may qualify for potential claims.

For further inquiries, please contact:
MOORE LAW PLLC
30 Wall Street, 8th Floor
New York, NY 10005
Phone: (212) 709-8245
Email: [email protected]
www.fmoorelaw.com

This evolving situation with Hertz presents a critical opportunity for investors to take decisive action in the face of potential corporate mismanagement and to seek restitution for losses incurred. Investors are encouraged to keep an eye on how the situation unfolds and understand their rights within the shareholder community.