NEW YORK, Jan. 6, 2014 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NYSE: HTZ) common stock between February 25, 2013 and November 4, 2013.
Click here to learn more about the action http://zlk.9nl.com/hertz-global-holdings-htz/, or call: 877-363-5972. There is no cost or obligation to you.
The complaint alleges that the Company issued materially false and misleading statements and/or failed to disclose that: a) Hertz was losing sales in a significant market which offers higher rental prices and margins than off-airport, longer-term "replacement car" locations; b) Hertz faced undisclosed exposure to the insolvency of its subsidiary Simply Wheelz LLC, c) Hertz and Advantage Rent A Car were in disagreement over the value of Advantage's assets; and d) Hertz was carrying the value of its fleet transferred to Advantage and Simply Wheelz on its books at an artificially inflated level.
On November 4, 2013, Hertz announced its third quarter 2013 financial results for the quarter ended September 30, 2013, reporting that its net income fell from $242.9 million to $214.7 million in the third quarter of 2012. The Company also acknowledged its exposure to Simply Wheelz's insolvency. The following day, Simply Wheelz announced it would file for bankruptcy.
Shareholders of Hertz have until January 20, 2014 to seek appointment as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/hertz-global-holdings-htz/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
SOURCE Levi & Korsinsky, LLP