Avis Budget Group is facing a securities class action on behalf of investors who bought CAR securities between Feb. 20, 2025 and Apr. 21, 2026, with Sept. 29, 2026 set as the deadline to seek appointment as lead plaintiff. The suit alleges Pentwater crossed the 10% insider threshold under Section 16(b) of the Exchange Act and built an economic interest of about 51% through common stock and cash-settled swaps before an alleged two-day sale of 4.3 million shares generated $1.75 billion in gross proceeds and was followed by a 74.51% drop in Avis shares from their Apr. 21, 2026 closing peak. Avis said on June 18, 2026 that Pentwater had agreed to pay $650 million in cash, subject to court approval, to settle alleged Section 16(b) violations. Plaintiffs say public investors, including those buying shares to cover short positions, were harmed by trading at allegedly distorted prices and are seeking damages under Sections 9(a) and 10(b) and Rule 10b-5 in the U.S. District Court for the Middle District of Florida.