Avis Budget Group investors are being notified of a securities class action alleging that Pentwater Capital Management manipulated the company’s stock price through share purchases and options activity. The case, Arjang v. Pentwater Capital Management LP, et al., No. 1:26-cv-07884, was filed in the U.S. District Court for the Southern District of New York. The proposed class covers people and entities that bought or acquired Avis securities, including swaps, or sold securities short between February 20 and April 21, 2026, inclusive. The complaint alleges Pentwater, previously Avis’ second-largest shareholder with about 2.95 million shares, or 8.4% of outstanding stock as of June 30, 2025, accumulated shares while Avis was heavily shorted, creating a short squeeze without a corresponding change in the company’s fundamentals. It alleges Pentwater sold about 4.3 million shares on April 22 and 23, realizing roughly $1.75 billion, while Avis stock fell from $713.97 on April 21 to $229.14 on April 23. A subsequent filing indicated Pentwater had sold more than 5 million shares in a month and reduced its stake to 7.3%; Avis later closed at $145.75 on May 8. Investors who suffered losses have until September 29, 2026, to seek lead plaintiff status, although participation in any recovery does not require serving as lead plaintiff.