PR Newswire
HTZ investors allegedly lost more than 40% after Hertz executives certified liquidity and disclosure controls shortly before a dilutive financing. This release focuses on the Section 20(a) control person allegations against the Company’s CEO and CFO.
NEW YORK, Aug. 12, 2026 /PRNewswire/ — Levi & Korsinsky, LLP alerts investors in Hertz Global Holdings, Inc. (NASDAQ: HTZ) that a class action has been filed on behalf of shareholders who purchased securities between May 7, 2026 and June 23, 2026. Check if you can recover your investment losses. You may also contact Joseph E. Levi, Esq. at [email protected] or (212) 363-7500.
HTZ shares declined more than 40% to close at $3.00 on June 24, 2026, after closing over $5 the day before. The lead plaintiff deadline is September 22, 2026.
Executive Control Allegations Under Section 20(a)
The complaint names Wayne Gilbert West, Hertz’s Chief Executive Officer and director, and Scott M. Haralson, Hertz’s Executive Vice President and Chief Financial Officer, as individual defendants. The pleading asserts that, because of their senior positions, they had power over Hertz’s public statements, SEC filings, press releases, and investor communications during the Class Period.
The action alleges that investors overpaid for HTZ shares while Hertz represented that its liquidity was sufficient and that its fleet-management strategy was progressing toward stated targets.
Alleged Control Person Liability
- West allegedly served as CEO and board member while Hertz issued statements about liquidity, fleet discipline, and used-car market conditions.
- Haralson allegedly served as CFO while Hertz reported liquidity figures and certified quarterly disclosures.
- The complaint claims both executives had access to material nonpublic information concerning liquidity pressure and vehicle residual-value weakness.
- The May 8, 2026 Form 10-Q was allegedly signed or certified by senior executives shortly before the disputed financing announcement.
- The Section 20(a) claim seeks to hold the individual defendants responsible as alleged controlling persons of Hertz.
SOX Certifications and Alleged Liquidity Oversight
As set forth in the complaint, Hertz’s Form 10-Q stated that the Company’s cash, liquidity facilities, and refinancing options would be sufficient for operating activities and obligations for at least the next twelve months. The action contends that these representations were materially misleading because Hertz later announced exchangeable notes, a share-lending transaction involving more than 37 million shares, and second-quarter Adjusted Corporate EBITDA guidance of only $50 million to $80 million.
“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete, especially when those statements concern liquidity, financing capacity, and certified SEC disclosures. The allegations here focus on whether senior executives had the ability and obligation to correct statements before investors suffered a sharp decline.” — Joseph E. Levi, Esq.
Speak with an attorney about recovering damages or call (212) 363-7500.
Levi & Korsinsky, LLP | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com | Attorney Advertising. Prior results do not guarantee similar outcomes.
Frequently Asked Questions About the HTZ Lawsuit
Q: When did Hertz Global Holdings allegedly mislead investors? A: The Class Period runs from May 7, 2026 to June 23, 2026. The complaint alleges that Hertz made materially false or misleading statements during that period concerning liquidity, used-car market softness, fleet depreciation, and the Company’s ability to fund its obligations.
Q: What court was the HTZ class action filed in? A: The case was filed in the United States District Court for the Middle District of Florida, Ft. Myers Division, and asserts claims under the federal securities laws.
Q: Who are the defendants named in the HTZ lawsuit? A: The complaint names Hertz Global Holdings, Inc. and individual defendants Wayne Gilbert West, Chief Executive Officer and director, and Scott M. Haralson, Executive Vice President and Chief Financial Officer.
Q: What specific misstatements does the HTZ lawsuit allege? A: The complaint alleges that Hertz made materially false or misleading statements about its liquidity position, used-car market stability, Net Depreciation per Unit, and the effectiveness of its fleet-management strategy.
Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the interests of the proposed class. Lead plaintiffs typically have significant documented losses and provide oversight of the litigation on behalf of other investors.
Q: What records should HTZ investors preserve? A: Investors should preserve brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any sale dates and sale prices for HTZ securities.
Q: What if I already sold my HTZ shares, can I still recover losses? A: Yes. Eligibility is generally based on when shares were purchased and whether losses were suffered, not on whether the investor still holds the shares.
Q: Do I need to go to court or give testimony? A: Most absent class members do not appear in court or provide testimony. If there is a settlement or recovery, eligible investors generally submit a claim form to seek their share.
Q: What does it cost me to participate? A: Securities class actions are typically handled on a contingency basis. Attorneys’ fees and expenses, if any, are subject to court approval.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
Tel: (212) 363-7500
Fax: (212) 363-7171
Attorney Advertising. Prior results do not guarantee similar outcomes.
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SOURCE Levi & Korsinsky, LLP
