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Hertz Restatement Expands, May Involve Tone at the Top; SEC Investigating

Tammy Whitehouse | November 17, 2014

Hertz’s single-year restatement announcement in June has mushroomed into a multi-year restatement and an investigation by the Securities and Exchange Commission, the company reported in an Form 8-K filing on Friday, which offered the company’s first hints that the problems may stem from poor tone at the top.

Hertz said in June it found problems in four specific accounting areas and needed to restate 2011 financial statements, with adjustments possible to 2012 and 2013 financial statements as well. Now Hertz says it will restate 2012 and 2013 results and is cooperating with an SEC investigation, which launched in June. “The company has and intends to continue to...

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