Car rental company Hertz Global Holdings will pay a $16 million civil penalty to settle a case concerning inaccurate financial reporting, the Securities and Exchange Commission announced in an order filed Dec. 31.
According to the SEC cease-and-desist order, from at least February 2012 through March 2014, Hertz’s public filings materially misstated pretax income due to accounting errors made in several business units and over multiple reporting periods, as reflected in the restatement Hertz filed in July 2015.
