Avis Budget Group Sued by Investor Over $2.5 Billion Charges

April 28, 2025, 3:00 PM UTC

Avis Budget Group Inc. concealed its decision to speed up the rotation of its rental car fleets, which ultimately spurred a $1.96 billion loss for the fourth fiscal quarter of 2024, an investor’s proposed class action said.

Share prices fell more than 6.8% Feb. 12—the day after Avis Budget said a $2.3 billion impairment charge “and other non-cash related charges of $180 million” resulting from the process of replacing vehicles contributed to disappointing financial results, the shareholder told the US District Court for the District of New Jersey. It was the stock’s steepest one-day fall since September, according to data ...

Learn more about Bloomberg Law or Log In to keep reading:

See Breaking News in Context

Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber?

Log in to keep reading or access research tools and resources.