SAN DIEGO & NAPLES, Fla., Nov. 18, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Hertz Global Holdings, Inc. (NYSE: HTZ) breached their fiduciary duties to shareholders. Hertz, though its subsidiaries, is engaged in car and equipment rentals worldwide.
View this press release on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/shareholders-rights-blog/hertz-global-holdings-inc-nov-2014
Hertz to Restate Financial Statements Following Investigation
In a November 14, 2014 press release, Hertz announced that it would be restating financial statements for years 2011, 2012, and 2013. These restatements are the result of an ongoing accounting review and investigation by the audit committee of the Hertz board of directors that has so far revealed $87 million in errors and found weakness in the company's internal controls. This is only one of the accounting issues Hertz has announced this year. In August, Hertz withdrew its 2014 guidance and in May it delayed releasing first quarter financial results after identifying errors.
The restatement of financial statements will further lengthen the timeline for the company to separate its equipment rental business. The restatements are expected to be completed, at the earliest, in mid-2015.
Hertz Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP