The U.S. Court of Appeals for the Third Circuit has upheld dismissal of a shareholder class action against Hertz Global Holdings stemming from a large-scale accounting debacle.

The company in the fall of 2013 announced that it had grossly overstated revenue and profits for fiscal years 2011 through 2013. The plaintiff-appellants, two labor union pension funds, filed suit in November 2013, claiming the company gave overly rosy assessments of its finances because several investors were planning to sell large blocks of shares.