Avis Budget Group, Inc. Class Action Lawsuit - CAR

Company: Avis Budget Group, Inc.

Ticker: (NASDAQ) CAR

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Lead Plaintiff Deadline: September 29, 2026

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

1. I have reviewed a complaint filed in the action.

2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.

3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.

4. My transaction(s) in Avis Budget Group, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.

5. Within the last 3 years,

I have not sought to serve nor have I served as a class representative in any federal securities fraud case.
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6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Avis Budget Group, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

I have reviewed the complaint linked in paragraph 1

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Class Period

Begins

Feb 2025

Ends

Apr 2026

February 20, 2025 - April 21, 2026

Allegations

The filed complaint alleges that Avis Budget Group, Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) the Company deceived the investing public; (ii) caused the market price of Avis shares to trade above its true value; and (iii) caused class members to purchase or acquire Avis shares at artificially inflated prices that did not reflect the stock’s true value during the class period. In furtherance of their unlawful scheme, plan, or course of conduct, defendants took the actions alleged herein.

Eligibility

In order to be eligible to join the CAR class action lawsuit, you must have incurred a loss on shares of Avis Budget Group, Inc. purchased during the class period listed above.

Lead Plaintiff Deadline

If you suffered a loss in Avis Budget Group, Inc. during the relevant time frame, you have until September 29, 2026 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Avis Budget Group, Inc.Class Action Lawsuit Details

Key Facts About Avis Budget Group, Inc. (NASDAQ: CAR)

● The Allegation: The complaint alleges that Pentwater Capital Management LP and Matthew Halbower orchestrated a market-manipulation scheme involving Avis securities, using aggressive stock purchases to trigger a short squeeze before Pentwater sold 4.3 million shares for $1.75 billion.

● The Stock Drop: Avis fell $531.97, or 74.51%, from its April 21 closing price of $713.97 to close at $182.005 per share on April 28, 2026, after Pentwater allegedly dumped shares into the market; Avis earlier fell $270.03, or 37.82%, to close at $443.94 per share on April 22, 2026, as the collapse began.

● Class Period & Defendants: The class period runs from February 20, 2025 through April 21, 2026, inclusive. The named defendants are Pentwater Capital Management LP and Matthew Halbower, Pentwater's Founder, Chief Executive Officer, and Chief Investment Officer.

● Lead Plaintiff Deadline: September 29, 2026. Investors who wish to seek appointment as lead plaintiff must apply by the deadline.

Avis Budget Class Action Summary
Company	Avis Budget Group, Inc. (NASDAQ: CAR)
Lead Plaintiff Deadline	September 29, 2026
Class Period	February 20, 2025 - April 21, 2026
Stock Drop	April 22, 2026 - CAR fell $270.03 (37.82%) to $443.94; April 21-28, 2026 - CAR fell $531.97 (74.51%), from $713.97 to $182.005

Introduction

A securities class action lawsuit has been filed against Pentwater Capital Management LP and Matthew Halbower. The case concerns Avis Budget Group, Inc. (NASDAQ: CAR) securities purchased between February 20, 2025 and April 21, 2026.

The complaint alleges defendants made materially false and misleading statements and manipulated market supply and demand for Avis securities. Plaintiffs claim Pentwater's buying helped fuel a short squeeze, then Pentwater sold millions of shares.

Avis stock rose sharply before reaching an intraday high of $765.94 on April 21, 2026, the final day of the Class Period. The share price then collapsed, and investors who bought during the alleged inflation period claim losses.

Company Profile

Avis Budget Group, Inc. provides car and truck rentals, car sharing, and ancillary products and services to business and consumer customers through its Avis, Budget, and Zipcar brands. The complaint identifies Avis as a Delaware corporation headquartered in Parsippany, New Jersey, with common stock trading on Nasdaq under the ticker CAR.

Class Period

February 20, 2025 – April 21, 2026

Investors who purchased or acquired Avis Budget Group, Inc. (CAR) securities during the Class Period may be eligible to seek recovery under federal securities laws.

Allegations

The Avis Budget Group, Inc. securities lawsuit alleges that Pentwater Capital Management LP and Matthew Halbower manipulated the market for Avis securities during the Class Period. Pentwater is described in the complaint as a private investment firm focused on event-driven strategies, and Halbower is identified as Pentwater's Founder, Chief Executive Officer, and Chief Investment Officer.

According to the complaint, Pentwater became the owner of 10% of Avis stock on February 20, 2026, as disclosed in a Form 3 filed with the SEC on February 24, 2026. That filing disclosed beneficial ownership of 3,562,100 Avis shares. By crossing the 10% threshold, Pentwater allegedly became a corporate insider subject to Section 16(b) of the Exchange Act, the short-swing profits rule.

Plaintiffs allege that Pentwater and Halbower continued to acquire Avis stock after crossing that threshold. A March 6, 2026 Schedule 13G allegedly disclosed that Pentwater and Halbower each owned 4,327,200 Avis shares, representing 12.3% of the Company's outstanding shares, and that their stake included 254,700 shares issuable upon exercise of call options. An April 7, 2026 SEC filing allegedly disclosed that each had increased holdings to 7,824,100 shares, representing 22.2% of Avis stock, with 775,800 shares issuable upon exercise of call options.

The complaint alleges that this aggressive purchasing occurred while Avis had significant short interest, creating a classic short squeeze dynamic. Plaintiffs claim the buying pressure drove the stock price higher, forced short sellers to cover at rising prices, and artificially inflated the value of Pentwater's Avis position. Defendants allegedly knew or recklessly disregarded that their trades were intended to manipulate the market for Avis securities, including by concealing the true supply and demand dynamics in the stock.

The Truth Emerges

Avis shares reached an intraday high of $765.94 on April 21, 2026, the final day of the Class Period, before closing at $713.97. On April 22, shares closed at $443.94, down 37.82%. The next day, the stock fell sharply, and the complaint alleges that the decline reflected the market beginning to absorb Pentwater's sale of a massive block of Avis shares.

During an April 29, 2026 earnings call, Avis Chief Executive Officer Brian Choi stated that Pentwater had sold 4.3 million Avis shares on April 22 and April 23, 2026, for gross proceeds of $1.75 billion. Choi said Pentwater had crossed the 10% ownership threshold on February 20, held an economic interest of 39% through stock and cash-settled swaps on that date, and later disclosed an economic interest of 51% by March. He also stated that the significant ownership increase, combined with high short interest, resulted in a short squeeze.

The complaint further cites a June 22, 2026 Avis Form 8-K disclosing that Avis entered into a Settlement and Release Agreement with Pentwater and certain affiliated persons to settle a pending Section 16(b) short-swing profits action. Under that agreement, Pentwater agreed to pay $650,000,000 in cash, subject to court approval. On June 29, 2026, Avis filed a heavily redacted complaint, originally filed under seal on June 16, 2026, setting forth Avis's Section 16(b) allegations against Pentwater, Halbower, and apparently related entities.

Market Reaction

The complaint alleges that Avis stock traded below $200 per share for most of the preceding twelve months before rising dramatically in April 2026. From an opening price of $147.52 on April 1, 2026, the stock reached an intraday high of $765.94 on April 21, 2026, an increase of approximately 419%, and closed that day at $713.97.

After the alleged dump began, CAR fell $270.03 per share, or 37.82%, to close at $443.94 on April 22, 2026. The decline continued over the following trading sessions, and Avis shares fell $531.97 per share, or 74.51%, from the April 21 closing price of $713.97 to close at $182.005 on April 28, 2026.

Next Steps

● Lead Plaintiff Deadline:September 29, 2026

● After the lead plaintiff deadline, the Court will consider any lead plaintiff motions.

● Defendants may file a motion to dismiss.

● If the case proceeds, the Court may later consider class certification.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. Prior results do not guarantee similar outcomes.