Avis Budget Group, Inc. Investors: Please contact the Portnoy Law Firm to recover your losses. June 24, 2025 Deadline to file Lead Plaintiff Motion.

Core Viewpoint - Avis Budget Group, Inc. is facing a class action lawsuit due to alleged misleading statements and undisclosed information regarding its fleet rotation strategy, which resulted in significant financial losses and impairment charges [2][3]. Group 1: Class Action Details - The class action lawsuit represents investors who purchased Avis securities between February 16, 2024, and February 10, 2025 [1]. - The lawsuit claims that Avis Budget's aggressive fleet rotation plan led to a significant reduction in the useful life of its vehicles, resulting in billions of dollars in impairment charges [2]. Group 2: Financial Impact - Avis Budget reported a quarterly loss of $1.96 billion, or $55.66 per share, for the fourth quarter of 2024, a stark contrast to a profit of $259 million, or $7.10 per share, in the same period the previous year [3]. - The loss was attributed to a change in strategy that significantly accelerated fleet rotations, leading to a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million [3]. Group 3: Management Changes - Following the financial report, Avis Budget announced that CEO Joseph A. Ferraro would step down, transitioning to a Board Advisor role, with Brian Choi set to become the new CEO on July 1, 2025 [3]. - The announcement of the management change contributed to a nearly 7% drop in Avis Budget's stock price [3].