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HTZ.US
id: 1241

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.
  • Hertz Global investors can join this case and be notified about potential recovery.
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 Submission
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
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