Weekend Nov 15, 2014
Hertz accounting woes continue to grow. HTZ will re state 23012 and 2013 and will go back to 2011 to investigate. The audit committee and maangement have concluded more adjustments are necessary. It may be mid 2015 before thngs are straightened out.
A new CFO was named last year. The CEO stepped down last September. Carl Icahn is on the hunt and has a position in the shares.
HTZ
The stock price has lost a third of its value in the last three months. Wow, earnings quality does matter. We are studying the income statement in 3310 and E/X in 3312., Violation of these rules can have dire consequences. And it will no doubt take a year or so to recover from such an episode.
The tone is set at the top.The article does not specify just what is wrong but hey, the market reacted quickly.
Professor Elam 
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