Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Avis Budget Group, Inc. (“Avis” or the “Company”) (NASDAQ: CAR) securities between February 20, 2025 and April 21, 2026, inclusive (the “Class Period”). Avis Budget Group, Inc. investors have until September 29, 2026 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR AVIS BUDGET GROUP, INC. (CAR) INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS

What Happened?

The complaint alleges that Defendants Pentwater Capital Management LP (“Pentwater”) and Matthew Halbower (“Halbower,” collectively with Pentwater, “Defendants”), enacted a scheme to manipulate the market for Avis securities by taking advantage of Pentwater's position as one of Avis's largest shareholders. Specifically, Defendants' purchasing of Avis stock during the Class Period triggered a rapid surge in the Company's stock price caused by short sellers buying back shares to cut their losses, thereby fueling further price spikes (known as a “short squeeze”) which served to substantially increase the value of Pentwater's holdings of Avis stock.

Between April 1, 2026 and April 22, 2026, the price of Avis stock climbed from a close of $99.90 per share on March 20, 2026, to $713.97 per share on April 21, 2026, an increase of over 614%.

Then, on April 22, 2026, Avis’s share price plummeted by $270.03 per share, or 37.82%, in a single trading session, to close at $443.94 per share on April 22, 2026. Over the following trading sessions, Avis’s share price only continued its slide, ultimately falling by a total of $531.97 per share from its April 22 closing price, or 74.51%, before closing at $182.005 per share on April 28, 2026.

One day later, on April 29, 2026, the Company held an earnings call, during which Avis CEO Brian Choi told investors that Pentwater had sold 4.3 million shares of Avis stock between April 22 and 23, 2026, for sales proceeds of $1.75 billion.

Subsequently, on June 18, 2026, Avis disclosed in a filing with the SEC that Pentwater had agreed to pay Avis $650 million to settle alleged violations of Section 16(b) of the Exchange Act, a “short-swing profits” rule that requires owners of more than 10% of a class of publicly traded equity securities to disgorge any profits from trading in the issuer’s equity securities within a period of less than six months.

On June 29, 2026, Avis filed a heavily redacted copy of a complaint, originally filed under seal, against Pentwater, Halbower, and a series of apparently related entities, setting forth Avis’s allegations.

What Is The Lawsuit About?

The complaint filed in this class action alleges that between February 20, 2025 and April 21, 2026, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that (1) the Company’s stock was being manipulated through deceptive practices; (2) the Company’s market price was therefore trading above its true value; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Avis Budget, Inc. securities between February 20, 2025 and April 21, 2026, you may move the Court no later than September 29, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.,
Glancy Prongay Wolke & Rotter LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: shareholders@glancylaw.com
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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