A lawsuit filed in New Jersey by the Hertz rental car business could have a chilling effect on what analysts and investors say to business journalists.
Fry writes, “In September, Audit Integrity and CEO Jack Zwingli allegedly issued a press release stating that several companies, including Hertz, have ‘potential for fraudulent reporting of financial statements.’
“Audit Integrity is an independent research firm that evaluates companies’ transparency, reliability and risks.
“To promote the report, Zwingli went on CNBC and spread the message that Hertz ‘lacks integrity, lies to shareholders and others, engages in fraudulent financial reporting, and is heading for bankruptcy,’ the lawsuit states.
“‘Defendants made these false statements knowing how defamatory and disruptive such charges can be to a publicly traded company,’ Hertz adds.”
Read more here. CNBC is not named as a defendant in the case.
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