Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating Avis Budget Group, Inc. for potential violations of securities laws
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NEW YORK, March 03, 2025 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP ('Wolf Haldenstein'), a preeminent national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Avis Budget Group, Inc. ('ABG') (NASDAQ: CAR).
The investigation concerns whether Avis Budget Group, Inc. and certain of its officers and/or directors have engaged in securities fraud.
ABG is a leading global provider of mobility solutions through multiple. recognized brands including Avis, Budget, and Zipcar. Through its brands, ABG offers a range of options from car and truck rental to car sharing.
On February 11, 2025, ABG released its financial results for Q4 and the full year 2024. Therein, the Company reported a loss of $55.66 per share in Q4 versus a profit of $7.10 in Q4 2023. Management attributed the loss to a change in strategy to accelerate fleet rotations, which resulted in shortening the life of most vehicles in the Americas' segment, as well as one-time impairment charge. The Company also announced that its CEO would transition from that role to a 'Board Advisor' effective June 30, 2025.
On this news, ABG shares declined by 6.82%.
In the prior quarter's earnings call, management repeatedly referenced that the Company's '25 fleet buy was near completion without mention of a potential impairment or write-down associated with rotation of the fleet. In fact, management repeatedly stated that they were optimizing the fleet to meet demand. With respect to the impact of the '25 buy on earnings, management stated that they would 'have more to say about the impact our model year '25 buy will have on our earnings' during the 'year-end call[.]'
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly lauded by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.
If you wish to discuss this investigation or have any questions regarding your rights and interests, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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