Faruqi & Faruqi Reminds Avis Budget Group Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of June 24, 2025 - CAR

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, a stark contrast 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 statements and failing to disclose the negative impacts of their fleet rotation plan [5]. Group 3: Management Changes - 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 [7]. - Following the announcement of these management changes, Avis Budget's stock price fell by $6.12 per share, or 6.82$83.59 per share [7].