The lawsuit claims Pentwater built a 51% economic interest in Avis through a combination of direct stock purchases and cash-settled swaps. According to the complaint, this aggressive accumulation created artificial market support, driving the share price from a March 20, 2026, close of $99.90 to an intraday high of $765.94 on April 21. Following this peak, Pentwater reportedly liquidated 4.3 million shares for $1.75 billion over two trading sessions.

The subsequent market reaction was severe. On April 22, 2026, CAR shares plummeted 37.82%, or $270.03, to close at $443.94. By April 28, the stock had declined a total of 74.51% from its high, closing at $182.005. While Avis later disclosed that Pentwater agreed to pay $650 million to settle separate Section 16(b) claims, current litigation focuses on the losses sustained by shareholders who purchased during the alleged inflation period. Joseph E. Levi of Levi & Korsinsky LLP is representing the potential class, noting that investors with significant losses may be appointed by the court to oversee the litigation process.