Avis Budget Group(CAR) GlobeNewswire News Room·2025-05-14 17:37Core 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 55.66 per share, for Q4 2024, compared to a profit of 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 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 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].