Kirby McInerney LLP reminds Verra Mobility Corporation investors of the August 4, 2026 deadline to seek the role of lead plaintiff in a pending federal securities class action. The lawsuit covers investors who purchased securities between February 24, 2026 and May 26, 2026, alleging the company made false and misleading statements about its relationship with Avis Budget Group and minimized the risk that rental agencies could replace its services. On May 26, 2026, Verra Mobility disclosed a termination notice from Avis Budget Group effective September 2026, expecting the move to reduce Commercial Services' 2026 annualized revenue by approximately $135 million to $145 million and segment profit by approximately $120 million to $125 million. Following the news, Verra Mobility shares fell $9.23, or approximately 71%, from $13.08 on May 26 to close at $3.85 on May 27, 2026.
Verra Mobility CorpVerra Mobility lost a major customer (Avis Budget Group), causing a $135-145M revenue reduction and a 71% stock price drop.
Avis Budget Group IncAvis Budget Group terminated its contract with Verra Mobility, reducing Verra's revenue and profit, which negatively impacts Avis as a customer of Verra's services.