Hertz Sues Analyst for Defamation

Car rental company Hertz announced it filed a suit against Audit Integrity and its CEO, Jack Zwingli, accusing them of defamation. The analyst and his company at one point said Hertz is "most likely to declare bankruptcy" within a year, together with other 20 large companies. The report, also claiming Hertz engaged in fraudulent financial reporting was submitted on September 16, and was discussed the same day on CNBC.

The report didn't sit well with the car rental company, which Friday filed the suit with the Bergen County Superior Court in New Jersey, Reuters reported. The company said the allegations that Hertz submitted fraudulent financial statements have no "factual basis".

"The suit is an appropriate response to the publication of false and harmful information," Mark Frissora, Hertz CEO said in a statement. "Not only are the conclusions about our financial health baseless, but questioning the integrity of our financial reporting is indefensible."

In response, Jack Zwingli had this to say: "We are disappointed that Hertz has taken this action in an attempt to stifle an opinion they do not agree with. We firmly stand behind our methodology and findings, and will vigorously defend ourselves against this unwarranted litigation."

Hertz is looking to get monetary and punitive damages, as well as a retraction of the statements. They base their case on the fact that "the unmistakable assertion disseminated by defendants in their public statements is that Hertz lacks integrity, lies to shareholders and others, engages in fraudulent financial reporting, and is heading for bankruptcy,"