Core Viewpoint - A class action lawsuit has been filed against Avis Budget Group, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from February 16, 2024, to February 10, 2025, seeking damages for misleading statements regarding the company's operations and financial prospects [1][7]. Group 1: Lawsuit Details - The class action was filed in the United States District Court for the District of New Jersey, seeking to recover damages for all persons and entities that purchased Avis Budget securities during the specified Class Period [1]. - Investors have until June 24, 2025, to request appointment as Lead Plaintiff for the class [2]. Group 2: Company Overview - Avis Budget, along with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services across various regions including the Americas, Europe, the Middle East and Africa, Asia, and Australasia [4]. - The company operates several brands, including Avis, Zipcar, and Budget, with a global rental fleet totaling approximately 695,000 vehicles in 2024 [4]. Group 3: Fleet Management and Financial Impact - Effective fleet management is crucial for Avis Budget's profitability, involving proper fleet rotation to avoid depreciation and high maintenance costs [5]. - Following the Covid-19 pandemic, Avis Budget slowed its fleet rotation due to higher vehicle prices, which allowed for better management of fleet costs [6]. - In Q4 2024, Avis Budget reported a significant loss of $1.96 billion, attributed to a change in strategy that accelerated fleet rotations, resulting in a one-time non-cash impairment of $2.3 billion [8]. - The company's CEO announced a transition to a Board Advisor role, with a new CEO taking over in July 2025, following the financial report that led to a 6.82% drop in stock price [8][9].

Core Viewpoint - A class action has been filed against Avis Budget Group, Inc. for allegedly misleading investors regarding its strategy to accelerate fleet rotations, which led to significant financial losses and impairment charges [1][2]. Group 1: Allegations and Financial Impact - The complaint alleges that Avis Budget failed to disclose a plan to significantly accelerate fleet rotations in Q4 2024, which shortened the useful life of most vehicles in the Americas segment, reducing their recoverable value [2]. - As a result of this strategy, Avis Budget was forced to recognize billions in impairment charges, leading to substantial losses and negatively impacting the company's financial results [2]. - On February 11, 2025, 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 [3]. Group 2: Management Changes and Stock Reaction - The financial results announcement included the resignation of the CEO, with the Chief Transformation Officer set to take over the role [3]. - Following the announcement, Avis Budget's stock price fell by $6.12 per share, nearly 7%, closing at $83.59 per share on February 11, 2025 [3]. Group 3: Class Action Participation - Shareholders may be eligible to participate in the class action, with a deadline to file as lead plaintiff by June 24, 2025 [4]. - Shareholders do not need to participate in the case to be eligible for recovery, and can remain absent class members if they choose [4].

Core Viewpoint - A class action lawsuit has been filed against Avis Budget Group, Inc. for allegedly misleading investors regarding its strategy to accelerate fleet rotations, which led to significant financial losses and impairment charges [1][2]. Summary by Sections Allegations - Robbins LLP is investigating claims that Avis Budget failed to disclose a plan to significantly accelerate fleet rotations in Q4 2024, which shortened the useful life of most vehicles in the Americas segment, reducing their recoverable value [2]. - The company is expected to recognize billions in impairment charges and incur substantial losses, negatively impacting its financial results and overstating its business prospects [2]. Financial Results - On February 11, 2025, Avis Budget reported disappointing financial results for Q4 and full year 2024, including a loss of $1.96 billion, or $55.66 per share, compared 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 resulted in a one-time non-cash impairment of $2.3 billion and additional non-cash charges of $180 million [3]. - Following the announcement, Avis Budget's stock price fell by $6.12 per share, nearly 7%, closing at $83.59 per share [3]. Class Action Participation - Shareholders interested in serving as lead plaintiffs must file their papers by June 24, 2025, but participation is not required to be eligible for recovery [4].

Core Viewpoint - A class action lawsuit has been filed against Avis Budget Group, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from February 16, 2024, to February 10, 2025, seeking damages for misleading statements regarding the company's business and operations [1][6]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the District of New Jersey, representing all individuals and entities that purchased Avis Budget securities during the specified Class Period [1]. - Investors have until June 24, 2025, to request appointment as Lead Plaintiff for the class [2]. Group 2: Company Overview - Avis Budget Group provides car and truck rentals, car sharing, and ancillary services globally, operating brands such as Avis, Zipcar, and Budget, with a global rental fleet of approximately 695,000 vehicles in 2024 [3]. Group 3: Fleet Management and Strategy - Effective fleet management is crucial for Avis Budget's profitability, involving proper fleet rotation to avoid depreciation and high maintenance costs [4]. - Following the Covid-19 pandemic, Avis Budget slowed its fleet rotation due to higher vehicle prices, which allowed for better depreciation management [5]. - In Q4 2024, Avis Budget accelerated fleet rotations to adapt to normalizing vehicle prices, which led to a significant impairment charge and reduced the recoverable value of many vehicles [5][6]. Group 4: Financial Impact - Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for Q4 2024, attributed to a one-time non-cash impairment of $2.3 billion and other charges [7]. - The company's CEO announced a transition to a Board Advisor role, with a new CEO taking over in July 2025, following the financial report [7]. Group 5: Market Reaction - Following the announcement of the financial results and the impairment charge, Avis Budget's stock price fell by $6.12 per share, or 6.82%, closing at $83.59 per share on February 11, 2025 [7].