SOURCE: Federman & Sherwood

April 29, 2010 18:28 ET

Federman & Sherwood Files First Class Action Lawsuit Against Dollar Thrifty Automotive Group (NYSE: DTG) and Hertz Global Holdings, Inc. (NYSE: HTZ)

OKLAHOMA CITY, OK--(Marketwire - April 29, 2010) -  On April 28, 2010, Federman & Sherwood filed the first class action lawsuit in the District Court of Tulsa County, Oklahoma, against Dollar Thrifty Automotive Group (NYSE: DTG) ("Dollar Thrifty") and Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz") and certain individuals. This class action was filed on behalf of shareholders of Dollar Thrifty against certain officers and directors of Hertz to obtain appropriate relief arising out of Defendants' efforts to sell Dollar Thrifty via an unfair process and at a grossly unfair price designed to minimize shareholder value. The officer Defendants of Dollar Thrifty are alleged to have violated applicable law by directly breaching their fiduciary duties of loyalty, good faith and fair dealing to the Company's shareholders.

In pursuing this alleged unlawful plan to cash out Dollar Thrifty's public shareholders for grossly inadequate consideration of $41.00 per share in a mix of cash and Hertz common stock, each of the Defendants violated applicable law by directly breaching and/or aiding the other Defendants' breaches of their fiduciary duties of loyalty, due care, independence, good faith and fair dealing. Instead of attempting to negotiate a transaction reflecting the highest price reasonably available for the Company's shareholders, Defendants allegedly spent considerable effort tailoring the Proposed Acquisition for their benefit.

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