Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Avis To Contact Him Directly To Discuss Their OptionsIf you suffered losses exceeding $100,000 in Avis between February 16, 2024 and February 10, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).[You may also click here for additional information]  NEW YORK, June 10, 2025 /PRNewswir ...

PARSIPPANY, N.J., June 09, 2025 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (NASDAQ: CAR) today announced the appointment of Daniel Cunha as Chief Financial Officer, effective July 1, 2025. Mr. Cunha will lead ABG’s finance functions and partner with other senior leaders to set and deliver on the Company's long-term strategic and financial objectives. Izzy Martins will be leaving the Company on June 30, 2025, to pursue another opportunity. Mr. Cunha joins ABG from Orion Services Group, a private equity owne ...

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 implemented a plan to significantly accelerate its fleet rotation in Q4 2024, which shortened the useful life of most vehicles in the Americas segment [2] - This acceleration is alleged to have led to billions of dollars in impairment charges and substantial losses for the company [2] - The financial and business prospects of Avis Budget were reportedly overstated, resulting in materially false and misleading public statements by the defendants [2] Group 2: Legal Process and Participation - Investors who suffered losses during the specified timeframe have until June 24, 2025, to request appointment as lead plaintiff, although participation in any recovery does not require this [3] - Class members may be entitled to compensation without any out-of-pocket costs or fees [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4]

Core Viewpoint - Avis Budget Group, Inc. is facing a class action lawsuit due to significant financial losses reported for Q4 2024, attributed to a strategic shift in fleet rotations that led to substantial impairment charges and misleading statements made to investors [2][3]. Financial Performance - For Q4 2024, Avis reported a loss of $1.96 billion, equating to $55.66 per share, a stark contrast to a profit of $259 million, or $7.10 per share, in the same quarter of the previous year [2]. - The financial 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 the accelerated fleet rotation strategy [2]. Strategic Changes - The company implemented a plan to significantly accelerate fleet rotations, which shortened the useful life of most vehicles in the Americas segment, thereby reducing their recoverable value [3]. - The transition of the CEO to a Board Advisor role was also announced, indicating potential leadership changes within the company [2]. Legal Proceedings - A class action lawsuit has been filed on behalf of investors who acquired Avis securities between February 16, 2024, and February 10, 2025, with a deadline of June 24, 2025, to file a lead plaintiff motion [1][4]. - The lawsuit alleges that the company made materially false and misleading statements regarding its business operations and financial prospects during the class period [3].

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 the class period from February 16, 2024, to February 10, 2025 [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]. Class Action Details - Shareholders who purchased shares of CAR during the specified class period are encouraged to register for the class action, with a deadline of June 24, 2025, to seek lead plaintiff status [2]. - Registered shareholders will be enrolled in a portfolio monitoring software to receive updates throughout the case lifecycle [2]. Law Firm's Mission - The Gross Law Firm aims to protect the rights of investors who have suffered due to deceit, fraud, and illegal business practices, ensuring companies adhere to responsible business practices [3].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Avis Budget Group, Inc. due to allegations of violations of federal securities laws related to misleading statements and significant financial losses [2][4]. Group 1: Legal Investigation and Class Action - The firm is reminding investors of the June 24, 2025 deadline to seek the role of lead plaintiff in a federal securities class action against Avis [2]. - Investors who suffered losses in Avis between February 16, 2024, and February 10, 2025, are encouraged to contact the firm to discuss their legal rights [1][2]. Group 2: Financial Performance and Impairment Charges - Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for the fourth quarter of 2024, compared to a profit of $259 million, or $7.10 per share, for the same period in the prior year [5]. - The loss was attributed to a strategic change that significantly accelerated fleet rotations, resulting in a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million [5]. Group 3: Management Changes - Following the financial results announcement, 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 [6]. - The stock price of Avis Budget fell by $6.12 per share, or 6.82%, closing at $83.59 per share on February 11, 2025, after the announcement [6]. Group 4: Allegations of Misleading Statements - The complaint alleges that Avis Budget and its executives made false and misleading statements regarding the company's fleet rotation strategy and its impact on financial results [4]. - It is claimed that the acceleration of fleet rotation shortened the useful life of vehicles, leading to billions in impairment charges and negatively affecting the company's financial outlook [4].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Avis Budget Group, Inc. due to allegations of false and misleading statements related to significant financial losses and impairment charges resulting from a strategic change in fleet rotation [2][4]. Group 1: Legal Investigation and Class Action - The law firm is encouraging investors who suffered losses in Avis between February 16, 2024, and February 10, 2025, to discuss their legal rights [1]. - 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 lead plaintiff is defined as the investor with the largest financial interest who directs the litigation on behalf of the class [6]. Group 2: Financial Results and Impact - Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for the fourth quarter of 2024, a significant decline from a profit of $259 million, or $7.10 per share, in the same period the previous year [5]. - The loss was attributed to a strategic decision to accelerate fleet rotations, leading to a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million [5]. - Following the announcement of these results, Avis Budget's stock price fell by $6.12 per share, or 6.82%, closing at $83.59 per share on February 11, 2025 [5]. Group 3: Management Changes - The CEO of Avis Budget, 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].

NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate. WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our ...

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 - 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]