Hertz is trading 5.04% down at $2.23 as investor confidence remains pressured after Pershing Square fully exited its position in July.
- Pershing Square criticized Hertz’s June equity offering and management; S&P Global Ratings downgraded Hertz to CCC+, citing an unsustainable capital structure and refinancing risks.
- An August 14 securities class-action lawsuit alleges misleading liquidity and used-car-market disclosures, adding further negative sentiment.
- Shares fell 16.25% to $2.35 on August 13, reversing a recent retail-trading rally.