New York • Hertz Global Holdings Inc. said that it has to review and correct its financial reports from the past three years after an audit by the car rental company found accounting errors.
The announcement, made in a government filing Friday, sent Hertz shares down nearly 10 percent in morning trading.
The Park Ridge, New Jersey, company said it will restate financial statements from 2011 and will correct and possibly restate statements from 2012 and 2013.
"Financial statements for 2011 should no longer be relied upon," the company said in the filing. "It will take time to complete this process, and previously reported information is likely to change."