CAR INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Avis Budget Group, Inc. Investors with Substantial Losses Have Opportunity to Lead the Avis Budget Class Action Lawsuit

Core Viewpoint - The Avis Budget class action lawsuit alleges that the company and its executives made misleading statements regarding the financial health and operational strategies, leading to significant financial losses and impairment charges [3][4]. Group 1: Lawsuit Details - The class action lawsuit seeks to represent purchasers of Avis Budget Group, Inc. securities from February 16, 2024, to February 10, 2025 [1]. - The lawsuit is titled Merriam v. Avis Budget Group, Inc., and is filed in the District of New Jersey [1]. - The allegations include violations of the Securities Exchange Act of 1934 by Avis Budget and its top executives [1][3]. Group 2: Financial Impact - Avis Budget reported a loss of $1.96 billion, or$55.66 per share, for the fourth quarter of 2024, compared to a profit of $259 million, or$7.10 per share, for the same period in the previous year [4]. - The financial results were attributed to a strategy change that accelerated fleet rotations, resulting in a one-time non-cash impairment of $2.3 billion and additional non-cash charges of$180 million [4]. - Following the announcement of these results, Avis Budget's stock price fell nearly 7% [4]. Group 3: Management Changes - The lawsuit notes that CEO Joseph A. Ferraro will transition to a Board Advisor role effective June 30, 2025, with Brian Choi taking over as CEO on July 1, 2025 [4]. Group 4: Legal Representation - Robbins Geller Rudman & Dowd LLP is representing investors in the class action lawsuit, known for securing significant monetary relief for investors in securities fraud cases [6]. - The firm has recovered over $2.5 billion for investors in 2024 alone, highlighting its prominence in the field [6].