Hertz Global Holding is facing a securities fraud class action tied to statements made during a May 7 to June 23, 2026 class period, after the company moved in late June to raise capital and warned of weaker profitability. Wolf Haldenstein Adler Freeman & Herz LLP said the case covers investors who bought Hertz common stock during that window and suffered losses, with a September 22, 2026 deadline to seek appointment as lead plaintiff. The complaint centers on Hertz's May claims that it had its strongest revenue growth in three years, improved DPU metrics, and enough cash, liquidity facilities, and refinancing options to meet operating needs and obligations for the next 12 months and the near future. That picture shifted on June 24, when Hertz said a wholly owned indirect subsidiary planned to offer $300 million of Exchangeable Senior First-Lien Secured PIK Notes (debt that can convert into shares and pays interest in kind) due 2030, alongside a share-lending transaction involving more than 37 million common shares from which the company would receive no proceeds. Hertz also said "unexpected softness in the used car market" led to losses on vehicle sales in May 2026 and would cut second-quarter Adjusted Corporate EBITDA to $50 million to $80 million. The stock fell more than 40% to close at $3.00 on June 24, and the following day the financing was priced on more dilutive terms, rising to $350 million, with the option to increase to $400 million, carrying a 6.75% coupon, an exchange price of about $3.58 per share, and borrowed stock sold to the public at $2.70 per share.