Hertz Faces September 22 Deadline in Securities Class Action

Investors in Hertz Global Holdings face a September 22 lead plaintiff deadline in a securities class action filed against the car rental company. The deadline is the date by which shareholders must move to serve as lead plaintiff if they wish to take that role in the litigation.

The legal overhang comes on top of a steep decline in the shares, which have fallen roughly 59% this year and traded between $1.85 and $1.95 on September 17. Morgan Stanley recently lowered its price target on the stock to $3 from $3.50 while maintaining an Equal Weight rating.

Hertz remains a heavily traded name among retail investors, and the combination of litigation risk, a reduced analyst target and a depressed share price has kept the stock among the more volatile positions in the consumer travel complex.