NEW YORK, June 6, 2014 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NYSE: HTZ).
On June 6, 2014, Hertz announced that "[t]he Audit Committee has concluded that the financial statements for 2011 should no longer be relied upon, and Hertz must restate them. Hertz also needs to correct the 2012 and 2013 financial statements to reflect these errors. However, because of the above mentioned errors, the Audit Committee has directed the Company to conduct a thorough review of the financial records for fiscal years 2011, 2012 and 2013, and this review may require Hertz to make further adjustments to the 2012 and 2013 financial statements. If these further adjustments to the 2012 and 2013 financial statements are determined to be material adjustments individually or in the aggregate, Hertz will need to also restate and withdraw reliance on those financial statements."
The disclosure caused Hertz shares to plummet by $2.76, or over 9 percent, from the previous day's closing price of $30.49.
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If you invested in Hertz stock or options between May 6, 2011 and June 6, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/HTZ. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Hertz's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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