The Law Offices of Frank R. Cruz Announces Investigation of Hertz Global Holdings, Inc. (HTZ) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Hertz Global Holdings, Inc. (“Hertz” or the “Company”) (NASDAQ: HTZ) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On January 11, 2024, Hertz disclosed that it would be selling approximately 20,000 electric vehicles (“EVs”) from its US rental fleet, about one-third of its global EV fleet, “to better balance supply against expected demand of EVs.” The Company advised that “Adjusted Corporate EBITDA for the fourth quarter of 2023 [would] be negatively impacted by the incremental net depreciation expense associated with the EV sales plan, and further burdened by higher depreciation expense in the ordinary course as residual values for vehicles generally fell throughout the quarter greater than previously expected.”

On this news, hertz’s stock price fell $0.40, or 4.3%, to close at $8.95 per share on January 11, 2024, thereby injuring investors.

Then, on April 25, 2024, Hertz released its first quarter 2024 financial results, falling short of consensus estimates. The Company stated that vehicle depreciation in the quarter increased $588 million, primarily driven by deterioration in estimated forward residual values and disposition losses on internal combustion engine (“ICE”) vehicles compared to gains in the prior-year quarter. Additionally, Hertz reported a $195 million charge to vehicle depreciation to write down EVs held for sale that were remaining in inventory.

On this news, Hertz’s stock price fell $1.12, or 19.3%, to close at $4.68 per share on April 25, 2024, thereby injuring investors further.

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If you purchased Hertz securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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