Hertz investors face Sept. 22 lead plaintiff deadline in securities class action

Robbins LLP said a securities class action has been filed against Hertz Global Holdings, Inc. on behalf of investors who purchased or otherwise acquired common stock between Feb. 28, 2024 and Feb. 25, 2026, with a Sept. 22, 2026 deadline to seek appointment as lead plaintiff. The lawsuit alleges Hertz made materially false and misleading statements during the class period by understating how quickly liquidity was deteriorating, overstating the sufficiency of available liquidity to fund operations and obligations for the next 12 months, and mischaracterizing recurring weakness in the used-car market as temporary even as it depressed net depreciation per unit and Adjusted Corporate EBITDA. The complaint also alleges Hertz was likely to pursue a distressed, dilutive capital raise that would materially harm existing shareholders, contrary to the impression created by its positive statements about business, operations and liquidity. Robbins said Hertz later announced a $300 million offering of Exchangeable Senior First-Lien Secured PIK Notes due 2030 alongside a share-lending offering of more than 37 million common shares from which the company would receive no proceeds, then priced the financing the next day on more dilutive terms at $350 million, up to $400 million, with a 6.75% coupon and an exchange price of about $3.58 per share while the borrowed stock was sold to the public at $2.70 per share. Hertz shares fell more than 40% to close at $3.00 on June 24, 2026 after the initial announcement.