NEW YORK, May 15, 2025 /PRNewswire/ -- The Gross Law Firm issues the following notice to shareholders of Avis Budget Group, Inc. (NASDAQ: CAR).Shareholders who purchased shares of CAR during the class period listed are encouraged to contact the firm regarding possible lead plaintiff appointment. Appointment as lead plaintiff is not required to partake in any recovery.CONTACT US HERE:https://securitiesclasslaw.com/securities/avis-budget-loss-submission-form/?id=148439&from=4CLASS PERIOD: February 16, 2024 to ...

Core Insights - The article highlights the expertise of Eric, a lead portfolio manager at a major Canadian bank, focusing on real assets and financials [1] Group 1: Professional Background - Eric holds a Master's degree in Financial Economics from the University of Western Ontario and is a CFA charterholder, indicating a strong educational foundation in finance [1] - His specialization in real assets, financials, and insurance suggests a deep understanding of these sectors within the Canadian investment landscape [1]

Core Viewpoint - Avis Budget Group, Inc. has announced a private offering of $600 million in senior notes with an interest rate of 8.375%, which is a $100 million increase from the previously announced offering size [1] Group 1: Offering Details - The senior notes will mature on June 15, 2032, and the closing of the offering is expected on May 19, 2025, subject to customary closing conditions [1] - The notes will be issued at par and guaranteed on a senior unsecured basis by the company and certain U.S. subsidiaries [1] Group 2: Use of Proceeds - The net proceeds from the offering will be used for general corporate purposes, including repayment of indebtedness such as a floating rate term loan maturing in December 2025 and a portion of outstanding fleet debt [2] Group 3: Regulatory Information - The notes are being offered only to qualified institutional buyers under Rule 144A of the Securities Act and will not be registered under the Securities Act or other jurisdictions [3]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Avis Budget Group, Inc. due to significant financial losses attributed to misleading statements and a flawed fleet rotation strategy [3][5]. Group 1: Financial Performance - Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for Q4 2024, compared to a profit of $259 million, or $7.10 per share, in the same period the previous year [6]. - The loss was primarily due to a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million resulting from an accelerated fleet rotation strategy [6]. Group 2: Legal Implications - A federal securities class action has been filed against Avis, with a deadline of June 24, 2025, for investors to seek the role of lead plaintiff [3][8]. - The complaint alleges that Avis and its executives violated federal securities laws by making false or misleading statements regarding the company's financial health and fleet management strategy [5]. Group 3: Management Changes - CEO Joseph A. Ferraro will transition to a Board Advisor role effective June 30, 2025, with Brian Choi, the Chief Transformation Officer, taking over as CEO on July 1, 2025 [7]. - Following the announcement of these changes, Avis Budget's stock price fell by $6.12 per share, or 6.82%, closing at $83.59 per share [7]. Group 4: Investor Outreach - Faruqi & Faruqi encourages investors who suffered losses exceeding $100,000 in Avis to contact them for discussions regarding their legal rights [1][9]. - The firm is also seeking information from whistleblowers, former employees, and shareholders regarding Avis' conduct [9].

Core Insights - Avis Budget Group, Inc. (CAR) reported a loss of $14.35 per share, which was narrower than the Zacks Consensus Estimate of a loss of $5.72, compared to an EPS of $3.21 in the same quarter last year [1] - Total revenues were $2.4 billion, missing the consensus estimate by 3.6% and declining 4.7% year over year [1] - Despite poor earnings and revenue results, CAR's stock saw a 5.8% increase since the earnings release on May 7 [1] Financial Performance - Revenues from the Americas were $1.9 billion, down 4% from the previous year, meeting estimates [3] - International revenues were $523 million, a decline of 6% year over year, missing the estimate of $573 million [3] - Adjusted EBITDA was negative $93 million, compared to $12 million in the year-ago quarter [4] - The Americas segment reported adjusted EBITDA of negative $67 million, down from $44 million in the previous year [4] - Internationally, adjusted EBITDA was negative $3 million, an improvement from negative $15 million in the year-ago quarter [4] Balance Sheet & Cash Flow - At the end of the first quarter of 2025, CAR had cash and cash equivalents of $516 million, down from $534 million at the end of the fourth quarter of 2024 [5] - Corporate debt increased to $5.9 billion from $5.4 billion in the preceding quarter [5] - CAR generated $619 million in net cash from operating activities, with adjusted free cash flow utilized at $492 million and capital expenditure at $37 million [5] Stock Performance - CAR shares have decreased by 12.8% over the past year, compared to a 13.8% decline in the industry and an 11.4% growth in the Zacks S&P 500 composite [2]

Financial Data and Key Metrics Changes - The meeting discussed the approval of the appointment of Deloitte and Touche LLP as the independent registered public accounting firm for fiscal year 2025 [12] - The compensation of named executive officers was approved by an advisory vote [12] Business Line Data and Key Metrics Changes - No specific data on business line performance was provided during the meeting [17] Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [17] Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of its board of directors and senior leadership team in driving the company's success [3][4] - The meeting included proposals related to amendments to the company's charter, indicating ongoing governance considerations [9][10] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [17] Other Important Information - The meeting included a formal business portion followed by a question and answer session, although no questions were raised [14][17] - The results of the voting on various proposals will be reported on a Form 8-K to be filed with the SEC [14] Summary of Q&A Session - There were no questions submitted during the Q&A session [17]

Core Viewpoint - Avis Budget Group, Inc. is facing a class action securities lawsuit due to alleged securities fraud that negatively impacted investors between February 16, 2024, and February 10, 2025 [1][2] Group 1: Allegations and Impact - The lawsuit claims that Avis Budget accelerated its fleet rotation plan in Q4 2024, which shortened the useful life of most vehicles in the Americas segment, leading to reduced recoverable value [2] - As a result of the accelerated fleet rotation, Avis Budget is expected to recognize billions of dollars in impairment charges and incur substantial losses [2] - The financial and business prospects of Avis Budget were allegedly overstated, and the public statements made by the defendants were materially false and misleading [2] Group 2: Legal Process and Participation - Investors who suffered losses during the relevant time frame have until June 24, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving as a lead plaintiff [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees, and there is no obligation to participate [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4] - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4]

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Avis Budget Group, Inc. regarding a class action lawsuit due to alleged misleading statements and failure to disclose significant financial impacts related to fleet rotation and vehicle impairment charges [1][3]. Summary by Relevant Sections Class Action Details - The class period for the lawsuit is from February 16, 2024, to February 10, 2025 [3]. - Shareholders who purchased shares during this period are encouraged to contact the firm for potential lead plaintiff appointment [1][4]. Allegations Against Avis Budget Group - The complaint alleges that Avis Budget implemented a plan to accelerate fleet rotation in Q4 2024, which shortened the useful life of most vehicles in the Americas segment [3]. - This acceleration is said to have reduced the recoverable value of the vehicles, leading to billions of dollars in impairment charges and substantial losses for the company [3]. - The allegations suggest that these actions had a significant negative impact on the company's financial results and overstated its business prospects [3]. Next Steps for Shareholders - The deadline for shareholders to register for the class action is June 24, 2025 [4]. - Registered shareholders will receive updates through a portfolio monitoring software regarding the case's progress [4]. Firm's Commitment - The Gross Law Firm aims to protect investors' rights and ensure companies adhere to responsible business practices [5].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Avis Budget Group, Inc. regarding a class action lawsuit due to allegations of materially false and misleading statements made by the company during a specified class period [1]. Group 1: Allegations - The complaint alleges that Avis Budget implemented a plan to significantly accelerate its fleet rotation in Q4 2024, which shortened the useful life of most vehicles in the Americas segment, reducing their recoverable value [1]. - As a result of the accelerated fleet rotation, Avis Budget is expected to recognize billions of dollars in impairment charges and incur substantial losses [1]. - The allegations suggest that these actions had a significant negative impact on the company's financial results and overstated its financial and business prospects [1]. Group 2: Class Action Details - The class period for the lawsuit is from February 16, 2024, to February 10, 2025, and shareholders are encouraged to register for participation [1][2]. - The deadline for shareholders to seek lead plaintiff status is June 24, 2025, and there is no cost or obligation to participate in the case [2]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting the rights of investors who have suffered due to deceit, fraud, and illegal business practices [3]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements that led to artificial inflation of stock prices [3].

Core Insights - CARsgen Therapeutics Holdings Limited announced preliminary clinical data for CT0596, an allogeneic BCMA-targeted CAR-T therapy, currently in exploratory clinical studies for relapsed/refractory multiple myeloma (R/R MM) and plasma cell leukemia (R/R PCL) [1][2] Group 1: Clinical Data and Efficacy - As of May 6, 2025, 8 patients with R/R MM were infused with CT0596 after lymphodepletion, showing favorable tolerability and encouraging efficacy signals across all predefined dose levels [2] - Among 5 patients who completed the first efficacy assessment at Week 4, 3 patients (60%) achieved stringent complete response/complete response (sCR/CR), and 4 patients (80%) achieved minimal residual disease (MRD)-negativity in the bone marrow [5] - Early efficacy data from 2 patients at Day 14 indicated reductions in measurable lesions by ≥92% and ≥65%, respectively [5] Group 2: Technology and Platform - CARsgen developed the THANK-u Plus™ platform to enhance CAR-T technology, demonstrating sustained expansion regardless of NKG2A expression levels on NK cells, with improved antitumor efficacy compared to the previous THANK-uCAR® [3] - The platform shows potential for developing diverse allogeneic CAR-T therapies, with CAR-T cells exhibiting robust antitumor activity in the presence of NK cells [3] Group 3: Company Overview - CARsgen is focused on innovative CAR T-cell therapies for unmet clinical needs, including hematologic malignancies, solid tumors, and autoimmune diseases [4] - The company has established end-to-end capabilities for CAR T-cell research and development, covering target discovery, preclinical research, clinical development, and commercial-scale production [4] - CARsgen aims to improve safety profiles, enhance efficacy in treating solid tumors, and reduce treatment costs, positioning itself as a global leader in biopharmaceuticals [4]