Hagens Berman expands Verra Mobility probe after 71% stock crash

Hagens Berman Sobol Shapiro LLP said it has expanded its investigation into Verra Mobility Corporation after a securities fraud class action was filed over the company’s handling of its relationship with Avis Budget Group. The case covers investors who purchased or acquired Verra Mobility common stock between Feb. 24, 2026, and May 26, 2026, with an Aug. 4, 2026 deadline to seek appointment as lead plaintiff. The lawsuit alleges Verra and certain executives made materially false and misleading statements and concealed adverse facts about the state of the Avis relationship, including the risk that major rental car customers could replace Verra’s services with in-house or outsourced alternatives and the likelihood of an Avis contract renewal. Hagens Berman said its broader review also examines the June 1, 2026 departure of long-time CEO David Roberts after 12 years and whether that leadership change was linked to the loss of the Avis contract and later disclosures. Verra’s shares fell 71.0% in a single day, dropping from $13.08 to $3.85 on May 27 and erasing roughly $1.4 billion in market value, after the company disclosed a sudden Avis contract termination notice, slashed its 2026 outlook, announced operational restructuring and initiated an internal review of negotiations.