Hertz Global Holdings (HTZ) Weak Demand Case

M.D. Florida

Court

2:24-cv-00513

Case number

27 Apr 2023

Class period Start

24 Apr 2024

Class period End

30 Jul 2024

Lead Plaintiff motion deadline

$HTZ stockholder filed a claim vs. Hertz Global for hiding weak EV demand, excess inventory, and anticipated losses on ICE and EVs.
On April 25, 2024, after the financial results, $HTZ fell 19%, losing $342M+ of shareholder value.
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Case Details:

On April 25, 2024, Hertz reported its Q1 2024 results, with adjusted EPS missing estimates and lower than the $0.39 reported in the same period the previous year.

Hertz also reported a $588M rise in vehicle depreciation for Q1, primarily due to losses on ICE vehicles compared to the previous year. Also, $119 per unit was tied to EVs held for sale.

Moreover, Hertz recorded a $195M charge for vehicle depreciation in Q1 to adjust the value of remaining EVs for sale and recognize losses on sold EVs.

On this news, $HTZ fell by 19% on April 25, 2024.

Based on these events, $HTZ stockholder filed a claim against Hertz Global and its leaders, accusing them of the following:
Hertz downplayed vehicle depreciation's financial impact and overstated its management ability.
Demand for Hertz's EVs was weaker than portrayed.
Hertz faced challenges due to an excess of vehicles, especially EVs, and anticipated significant losses on both ICE vehicles and EVs.
Considering all the representations, investors suspect Hertz Global hid weak EV demand, excess inventory, and anticipated losses on ICE and EVs.

Case Status

Lead Plaintiff Appointed

Alleged Offence

Mismanagement,

Misleading Statements,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

25 April 2024

Filing date

31 May 2024

Lead Plaintiff Deadline

30 July 2024

Hertz Global Holdings (HTZ) Weak Demand Case

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