Verra Mobility Corporation (VRRM) Receives Termination Notice From Avis Budget Group, Stock Tanks Over 70%; Hagens Berman Investigating

Verra Mobility Corporation's stock plummeted 74% after receiving a termination notice from Avis Budget Group, effective September 2026. The company had assured investors just 20 days prior during its Q1 2026 earnings call that contract negotiations with Avis were 'ongoing and constructive.' The sudden disclosure prompted Verra to revise its 2026 guidance downward and announce cost-cutting measures. Hagens Berman has launched an investigation into whether Verra failed to adequately disclose the deteriorating relationship with its largest customer, which represents over 10% of revenues.