The complaint filed by Levi & Korsinsky, LLP centers on a volatile seven-week period between May 7 and June 23, 2026. During this window, Hertz reported first-quarter results touting $837 million in liquidity and promising fleet stability. However, the legal action claims these disclosures masked severe underlying pressures in the used-car market and impending capital distress.
On June 24, 2026, the company’s narrative shifted abruptly. Hertz announced a $300 million debt issuance alongside a share-lending offering, while simultaneously slashing its second-quarter EBITDA guidance to a range of $50 million to $80 million. Shares plummeted to $3.00 following the news. Attorneys representing the class contend that the company’s earlier "Back-to-Basics" strategy and depreciation targets were fundamentally misrepresented to the market.
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