“It has gone up and down regularly since 2000 - 2001 was when they spiked and that was during the dot.com era,” said Kamal Hubbard, a content manager and legal analyst for the clearinghouse website. On average, more than 150 of them are filed in a year, according to The Stanford Securities Class Action Clearinghouse, which works with Cornerstone Research to track all securities class-action suits filed in federal district courts. The attorneys couldn’t be reached for comment.Ĭases like this one, sometimes described as “strike suits” by critics, are not uncommon after a public company announces missed earnings, or other disappointing news that causes stock prices to drop. Ramirez is represented by three law firms in New York and New Jersey. 20 suit includes no personal information about the investor, who couldn’t be contacted for comment.Ĭourt records show he purchased 175 shares of Hertz’s stock on July 29, paying $26.25 a share. Pedro Ramirez Jr., who lives in Riverside, Conn., was the first to sue. “We strongly deny all of the allegations and we are going to vigorously defend them because we believe these lawsuits have no merit,” said Richard Broome, Hertz’s executive vice president for corporate affairs. 5, which led to another stock price drop. The rental car giant will soon build a new world headquarters in Estero, relocating from New Jersey.Ī flurry of law firms announced investigations and plans to file class-action cases against Hertz after the company reported disappointing third-quarter earnings on Nov. Over the past year, share prices have ranged from $15.66 to $27.75. Shares fell by more than $4 a share in September after Hertz revised its financial guidance for the year, lowering its revenue and earnings projections based on weaker demand for car rentals at U.S. District Court in New Jersey, also names Hertz’s CEO Mark Frissora and its former chief financial officer, Elyse Douglas, as defendants, accusing them of misleading investors about company finances and future prospects, and artificially driving up the company’s stock price. An unhappy shareholder from Connecticut has taken the driver’s seat in a class-action lawsuit brought against Hertz Global Holdings Inc., alleging fraud and violations of federal securities laws.

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