Overview
- Verra disclosed on May 26, 2026 that Avis Budget Group issued a termination notice effective September 2026, and the company cut its 2026 outlook in response.
- The stock plunged about 71% on the disclosure, falling from $13.08 to $3.85 on May 27, 2026, wiping out most of the company’s market value.
- Several law firms have filed or announced class actions accusing Verra of hiding the true stability of the Avis relationship and overstating 2026 prospects.
- At least one complaint names CEO David Roberts and CFO Craig Conti as individual defendants, alleging they signed Sarbanes‑Oxley certifications and controlled public disclosures.
- Plaintiff firms are recruiting investors and reminding them the court set August 4, 2026 to seek lead‑plaintiff status; the coming weeks could bring case consolidation, discovery into disclosures, and scrutiny of Verra’s cost and governance responses.