NEW YORK, NY / ACCESSWIRE / August 22, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Herc Holdings Inc. ("Herc" or the "Company") (NYSE: HRI). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, Ext. 9980.
The investigation concerns whether Herc and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 15, 2017, Herc filed its annual report for 2016, advising investors that the Company had identified material weakness in its internal control over financial reporting. Herc specifically cited, among other issues, ineffective design and maintenance of controls over accounting for payroll, income tax accounts, and relating to certain IT systems, as well as certain material weaknesses inherited from Hertz Holdings. On August 8, 2017, Herc filed a quarterly report for the second quarter of 2017, advising investors that the previously reported material weaknesses "were not remediated at June 30, 2017," that the Company had "established a task force and assigned a working group to each of the material weaknesses," and that "[t]wo key accounting positions, Controller and Chief Accounting Officer and Assistant Controller, have been filled or replaced by the Company and four additional accounting supervisors have been hired during the six months ended June 30, 2017."
On this news, Herc's share price has fallen as much as $3.73, or 8.2%, during intraday trading on August 8, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
ReleaseID: 473422
