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SOURCE Ryan & Maniskas, LLP
WAYNE, Pa., June 13, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Hertz Global Holdings, Inc. ("Hertz" or the "Company") (NYSE: HTZ).
Hertz shareholders who purchased Hertz between April 8, 2011 thru June 6, 2014 (the "Class Period") should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/htz.
On May 13, 2014, Hertz asked the U.S. Securities and Exchange Commission (SEC) for additional time to file its quarterly report for the first quarter ending March 31, 2014, after identifying certain errors that might require Hertz to restate its financial statements for 2011.
On June 6, 2014, Hertz announced that its financial statements for 2011 would need to be restated and should no longer be relied upon. Hertz further disclosed that the planned restatement is due to errors relating to, among other items, the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, allowances for uncollectible amounts with respect to renter obligations for damaged vehicles, and restoration obligations at the end of facility leases.
Hertz further announced that it will be conducting a more thorough review of its financial records for fiscal years 2011, 2012 and 2013. Hertz warned that this review may require it to restate and withdraw reliance on its 2012 and 2013 financial statements as well.
Hertz advised that, in light of the above errors, it has determined that at least one material weakness existed in its internal control over financial reporting and that disclosure controls and procedures were ineffective as of December 31, 2013. As a result, Hertz expects to receive an adverse opinion on its internal control over financial reporting as of December 31, 2013, from its auditor, PricewaterhouseCoopers LLP.
If you own Hertz shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/htz. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
|CONTACT:||Ryan & Maniskas, LLP|
|Richard A. Maniskas, Esquire|
|995 Old Eagle School Rd., Suite 311|
|Wayne, PA 19087|
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