Business

Hertz in accounting smack-up, shares fall 9%

Rental car giant Hertz Global Holdings will review its financial reports from the past three years after an internal audit turned up accounting errors.

The Naples, Fla., company, which in May delayed the release of its first-quarter results until June 9, will push back the disclosure of those results again while it restates financial statements from 2011 and reviews statements from 2012 and 2013 and corrects them if needed.

Hertz will release the first-quarter results when it completes the 2013 review, it said, adding that there will be “material” changes to the results for all three years.

In addition, first-quarter results will be hurt by costs associated with the accounting review, Hertz said.

Hertz, which operates about 11,555 locations under its flagship brand as well as Dollar, Thrifty and Firefly brands, saw shares decline 8.8 percent in late morning trading — which was more than four times the normal volume.