Latest news with #AvisBudget
Business Insider
3 days ago
- Business
- Business Insider
Short Report: Bears questioning Cinemark, Groupon rallies
Welcome to this week's installment of 'The Short Interest Report' – The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 1.2%, the Nasdaq Composite was up 1.3%, the Russell 2000 index was up 1.5%, the Russell 2000 Growth ETF (IWO) was up 1.3%, and the Russell 2000 Value ETF (IWN) was up 1.6% in the four-day trading session range through May 29. Confident Investing Starts Here: SHORT INTEREST GAINERS Ortex-reported short interest in Cinemark (CNK) has tracked sideways in 16% to 22% range from mid-March until the final week of May, even though the stock has enjoyed a runup of about 35%. This week however, short positioning as a percentage of free float has jumped more dramatically, increasing from 18.8% to a four-month high of 26.6%. Sentiment on the stock has remained positive following the company's Q1 results on May 2nd as shares have gained 13% since those earnings inclusive of Friday's 2.5% rally and were up 1.6% in the four-day period covered through Thursday, though bears are increasingly questioning whether the robust box office slate will match demand from tightening consumer budget. Ortex-reported short interest on Groupon (GRPN) had fallen precipitously from 67% in late December to a ten-month low of 26% on Monday as bears fled the tripling in the stock price that started in mid-March after the company's Q4 results and was spurred further by another strong performance in Q1. The rest of the week however, shorts as a percentage of free float turned higher, rising from 26% to nearly 29%, even though the price action is not yet matching the increased willingness by the bears to test the sustainability of the bounce. In the four-day period covered, Groupon shares were up 10.4%, and year-to-date, the stock has gained 140%. Ortex-reported short interest on Avis Budget (CAR) has continued to increase sharply, rising another five and a half percentage points this week to 47.8%. Shorts as a percentage of free float on the stock troughed at just 12% in late January prior to the start of its run, and the current levels are now the highest since June of 2020. The stock, meanwhile, bottomed in mid-March but has since more than doubled from those lows, with a year-to-date gain topping 50%. This week, Avis Budget shares were up 1.5% in the four-day period through Thursday. Ortex-reported short interest on Sunrun (RUN) had peaked around 35% in late April and receded to about 29% over the next three weeks, though this week has seen shorts as a percentage of free float jump again while the stock sold off heavily. Bearish positioning rose to 31.1% and days-to-cover on the name was up 30 basis points to 4.5. The stock, meanwhile, was up about 2% in the four-day period through Thursday and ended the week with a 9% jump on Friday, though shares are still down 43% from their recent peak on May 13 and down 19% year-to-date. SHORT INTEREST DECLINERS Ortex-reported short interest on Guess (GES) had peaked at 39% in mid-March before a buyout offer from private equity name WHP Global had scurried bears to the sidelines with a 13 percentage point retreat that accompanied a 25% jump in the stock price. Authentic Brands Group (AUTH) had joined the bidding war for Guess in late April, giving the stock price another jolt higher and the rebuilding shorts another blow. This week, as the company prepares to report its Q1 results on Thursday, shorts as a percentage of free float on Guess fell from 25.8% to 20.2% – a one-year low. Guess shares were flat in the four-day period covered but slipped 6% on Friday. Relative to the level just before the WHP bid however, the stock is still up 7%.
Business Upturn
18-05-2025
- Automotive
- Business Upturn
Pomerantz Law Firm Announces the Filing of a Class Action Against Avis Budget Group, Inc. and Certain Officers
NEW YORK, May 18, 2025 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against Avis Budget Group, Inc. ('Avis Budget' or the 'Company') (NASDAQ: CAR) and certain officers. The class action, filed in the United States District Court for the District of New Jersey, and docketed under 25-cv-03332 , is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Avis Budget securities between February 16, 2024 and February 10, 2025, both dates inclusive (the 'Class Period'), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 ('Exchange Act') and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. If you are an investor who purchased or otherwise acquired Avis Budget securities during the Class Period, you have until June 24, 2025, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at To discuss this action, contact Danielle Peyton at [email protected] or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. [Click here for information about joining the class action] Avis Budget, together with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers in the Americas, Europe, the Middle East and Africa, Asia, and Australasia. Among other services, the Company operates the Avis brand, which offers vehicle rental and other mobility solutions to commercial and leisure segments of the travel industry; the Zipcar brand, a car sharing network; and the Budget brand, a supplier of vehicle rental and other mobility solutions focused primarily on more value-conscious customers. According to the Company, its global rental fleet totaled approximately 695,000 vehicles in 2024. With hundreds of thousands of vehicles in its rental fleet, effective fleet management is critical to Avis Budget's profitability. This includes, among other things, ensuring proper fleet rotation—i.e., the replacement of older vehicles in a rental fleet with newer models. To execute this process effectively, a company must rotate its vehicles at an appropriate pace. If rotation is too gradual, older models may begin depreciating in value even as their maintenance costs steadily increase. Conversely, if rotation is too accelerated, a company risks prematurely removing vehicles before they have reached the end of their 'useful lives'—the period during which the vehicles have recoverable value. In discussing the significance of fleet rotation to its business and profitability, Avis Budget has stated that '[h]ow you buy cars and deliver them into your business and then exit cars out at the proper time at the right place is extremely critical' and, when analyzing buying and selling fleet vehicles, 'one of the more important and overlooked aspects is how you rotate your fleet' given that 'it allows you to have or maintain a certain age level or mileage level that is both operationally prudent from an efficiency standpoint as it turns out to be in light vehicle costs as well as from a customer acceptance. And we've been doing that.' In the years following the Covid-19 pandemic, due to a shortage of fleet supply, automobile rental companies were required to purchase fleet vehicles at higher prices than historic norms. To address this challenge, Avis Budget decelerated its fleet rotation by maintaining vehicles within its rental fleet for a longer period of time. As the Company stated in an earnings call held with investors and analysts to discuss its Q4 2024 results (the 'Q4 2024 Earnings Call'), this practice purportedly 'allowed [the Company] to depreciate vehicles across a flatter portion of the residual value curve and manage [its] fleet purchase to an appropriate return on invested capital.' However, in the fourth quarter of 2024, prices for vehicles model year 2025 began returning to normalized levels. In response, unbeknownst to investors, Avis Budget implemented a 'change in strategy to significantly accelerate fleet rotations,' purportedly designed to 'create more certainty in [Avis Budget's] fleet costs and better position [the Company] for sustainable growth for 2025 and beyond.' The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, 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. On February 11, 2025, Avis Budget issued a press release reporting its financial results for the fourth quarter and full year 2024. Among other items, Avis Budget reported a loss of $1.96 billion, or $55.66 per share, for the quarter, compared to a profit of $259 million, or $7.10 per share, for the same period in the prior year. Avis Budget attributed these results to 'a change in strategy to significantly accelerate fleet rotations, which resulted in shortening the useful life of the majority of our vehicles in the Americas segment[,]' causing 'a one-time non-cash impairment of $2.3 billion and other non-cash related charges of $180 million.' The press release also announced that the Company's Chief Executive Officer ('CEO'), Defendant Joseph A. Ferraro ('Ferraro'), 'will transition from CEO to Board Advisor, effective June 30, 2025' and that 'Brian Choi, the Company's Chief Transformation Officer, will take over as CEO, effective July 1, 2025.' On this news, Avis Budget's stock price fell $6.12 per share, or 6.82%, to close at $83.59 per share on February 11, 2025. Then, on February 12, 2025, Avis Budget hosted the Q4 2024 Earnings Call. During the Q&A portion of the Q4 2024 Earnings Call, Defendant Ferraro indicated that the Company was aware that accelerating fleet rotation would likely result in a significant impairment charge. Specifically, when asked to discuss the competitive landscape of the automobile rental industry in the wake of the normalizing price levels of vehicles model year 2025, Defendant Ferraro responded, in relevant part, 'I can only comment on what we're trying to do as far as our fleet rotation. None of us took that impairment slightly, and we thought long and hard about it.' Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See Attorney advertising. Prior results do not guarantee similar outcomes. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
Associated Press
12-05-2025
- Business
- Associated Press
ROSEN, TRUSTED INVESTOR COUNSEL, Encourages Avis Budget Group, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action
New York, New York--(Newsfile Corp. - May 11, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Avis Budget Group, Inc. (NASDAQ: CAR) between February 16, 2024 and February 10, 2025, both dates inclusive (the 'Class Period'), of the important June 24, 2025 lead plaintiff deadline. SO WHAT: If you purchased Avis Budget securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Avis Budget class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 24, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Avis Budget crafted and implemented a plan to significantly accelerate its fleet rotation in the fourth quarter of 2024; (2) the foregoing acceleration shortened the useful life of the majority of Avis Budget's vehicles in the Americas segment, thereby reducing their recoverable value; (3) as a result, Avis Budget would be forced to recognize billions of dollars in impairment charges and incur substantial losses; (4) all the foregoing was likely to, and did, have a significant negative impact on Avis Budget's financial results; (5) accordingly, Avis Budget's financial and/or business prospects were overstated; and (6) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Avis Budget class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: or on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] To view the source version of this press release, please visit
Associated Press
11-05-2025
- Automotive
- Associated Press
CAR STOCKHOLDERS: Robbins LLP Reminds Avis Budget Group, Inc. Investors of the Pending Lead Plaintiff Deadline in the CAR Class Action
SAN DIEGO, CA - May 10, 2025 ( NEWMEDIAWIRE ) - Robbins LLP reminds stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Avis Budget Group, Inc. (NASDAQ: CAR) securities between February 16, 2024 and February 10, 2025. Avis Budget, with its subsidiaries, provides car and truck rentals, car sharing, and ancillary products and services to businesses and consumers internationally. For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Avis Budget Group, Inc. (CAR) Misled Investors Regarding the Company's Strategy to Accelerate Fleet Rotations According to the complaint, during the class period, defendants 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; and (v) accordingly, Avis Budget's financial and/or business prospects were overstated. Plaintiff alleges that on February 11, 2025, Avis Budget released disappointing financial results for the fourth quarter and full year 2024, including a loss of $1.96 billion, or $55.66 per share, for the quarter, compared to a profit of $259 million, or $7.10 per share, for the same period in the prior year. Avis Budget attributed these results to 'a change in strategy to significantly accelerate fleet rotations, which resulted in shortening the useful life of the majority of our vehicles in the Americas segment[,]' causing 'a one-time non-cash impairment of $2.3 billion and other non-cash related charges of $180 million.' The press release also announced that the Company's CEO would be stepping down and the Company's Chief Transformation Officer would be taking over the role. On this news, Avis Budget's stock price fell $6.12 per share, or almost 7%, to close at $83.59 per share on February 11, 2025. What Now: You may be eligible to participate in the class action against Avis Budget Group, Inc. Shareholders who want to serve as lead plaintiff for the class must file their papers with the court by June 24, 2025. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Avis Budge Group, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 [email protected] (800) 350-6003
Associated Press
10-05-2025
- Business
- Associated Press
ROSEN, A TOP-RANKED LAW FIRM, Encourages Avis Budget Group, Inc. Investors to Secure Counsel Before Important Deadline in Securities Class Action
New York, New York--(Newsfile Corp. - May 9, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Avis Budget Group, Inc. (NASDAQ: CAR) between February 16, 2024 and February 10, 2025, both dates inclusive (the 'Class Period'), of the important June 24, 2025 lead plaintiff deadline. SO WHAT: If you purchased Avis Budget securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the Avis Budget class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 24, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Avis Budget crafted and implemented a plan to significantly accelerate its fleet rotation in the fourth quarter of 2024; (2) the foregoing acceleration shortened the useful life of the majority of Avis Budget's vehicles in the Americas segment, thereby reducing their recoverable value; (3) as a result, Avis Budget would be forced to recognize billions of dollars in impairment charges and incur substantial losses; (4) all the foregoing was likely to, and did, have a significant negative impact on Avis Budget's financial results; (5) accordingly, Avis Budget's financial and/or business prospects were overstated; and (6) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the Avis Budget class action, go to call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: or on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected] To view the source version of this press release, please visit
