Avis Budget Group(US:CAR) Prnewswireยท2025-06-10 13:40Core 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 [2][4]. 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 [5]. - The loss was primarily due to a one-time non-cash impairment of $2.3 billion and additional non-cash related charges of $180 million resulting from a strategy to accelerate fleet rotations [5]. 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 [2][6]. - 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 [4]. Group 3: Management Changes - Following the financial report, 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 [5]. Group 4: Investor Outreach - Faruqi & Faruqi encourages investors who suffered losses exceeding $100,000 in Avis between February 16, 2024, and February 10, 2025, to contact them for legal options [1][7].