December 2, 2021

Hertz Can’t Promise That Its Accounting Troubles Won’t Get Worse

UPDATE: I relied on that figure provided by The Journal that incorrectly stated that the cost of the accounting error was $180 million. The correction states it hit profits by $153 million. Sorry for the error.     

Hertz, a car-rental company once endorsed by O.J. Simpson, disclosed that its shoddy accounting have cost the company $180 $153 million so far. The company is restating its financials for 2011-2013 but "stressed that the investigation is ongoing and its financial records could be subject to substantial change."

Also, the company says you shouldn't expect updated financial statements "before mid-2015" or that "no additional adjustments will be identified." So there's that. Best of luck to the PwC team sitting on this nightmare.  

[WSJ, 8-K]

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