BOSTON, June 6, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible securities law violations by Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NYSE: HTZ) following the Company's announcement that it needs to restate three years of financial statements in order to correct materially false statements in its previously reported results.
The Company, in a statement filed with the United States Securities and Exchange Commission ("SEC") on June 6, 2014, announced that "The 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 value of Hertz shares has dropped over 10% following the May 6, 2014, announcement, a collapse which has cost shareholders, in the aggregate, well over $1.2 billion.
If you purchased Hertz securities that have been affected by the Company's recent announcements or have any information relevant to this investigation, or you have questions about your legal rights, please contact attorney Steven P. Harte of Block & Leviton LLP at (617) 398-5600 or email him at Steven@blockesq.com. Whistleblowers are also encouraged to contact attorney Harte, and the confidentiality of all communications is assured.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years.
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BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP