The complaint, filed in the U.S. District Court for the Middle District of Florida, covers shareholders who purchased Hertz securities between May 7 and June 23, 2026. Plaintiffs contend that the company misrepresented its liquidity position and fleet-management strategy, failing to disclose underlying pressure on vehicle residual values. These omissions allegedly masked the company's true financial health until a sudden market correction dropped the share price from over $5 to $3 on June 24.

Central to the case is the application of Section 20(a) of the Securities Exchange Act, which seeks to hold West and Haralson personally liable for their oversight roles. The filing asserts that both executives signed or certified Form 10-Q disclosures that claimed sufficient capital for the coming year, despite impending plans for a share-lending transaction involving 37 million shares. Investors interested in seeking lead plaintiff status must file by September 22, 2026, to participate in the oversight of the litigation.