1 day Ago By Gainey McKenna & Egleston - (GLOBE NEWSWIRE)
NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Avis Budget Group, Inc. (“Avis Budget” or the “Company”) (NASDAQ: CAR) securities between February 16, 2024 and February 10, 2025, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. The Complaint also alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Avis Budget crafted and implemented a plan to significantly accelerate its fleet rotation in the fourth quarter of 2024; (ii) the foregoing acceleration shortened the useful life of the majority of the Company’s vehicles in the Americas segment, thereby reducing their recoverable value; (iii) as a result, Avis Budget would be forced to recognize billions of dollars in impairment charges and incur substantial losses; (iv) all the foregoing was likely to, and did, have a significant negative impact on the Company’s financial results; (v) accordingly, Avis Budget’s financial and/or business prospects were overstated; and (vi) as a result, Defendants’ public statements were materially false and misleading at all relevant times. Javascript is required for you to be able to read premium content.
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