The lawsuit, captioned Schweitzer v. Hertz Global Holdings, Inc., claims that the company failed to disclose that its liquidity was deteriorating more rapidly than suggested to the market. Plaintiffs allege that Hertz misled investors by characterizing softness in the used-car market as a transitory issue, while in reality, the downturn was significantly depressing company earnings and net depreciation per unit.
The situation came to a head on June 24, 2026, when Hertz announced a major dilutive capital raise, including $300 million in senior notes and a concurrent offering of over 37 million shares. This announcement, coupled with news that second-quarter Adjusted Corporate EBITDA would fall between $50 million and $80 million, caused the stock price to plummet by more than 40% in a single day. Investors seeking to serve as lead plaintiff in the litigation must file their applications by September 22, 2026.
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