The lawsuit, filed by Hagens Berman Sobol Shapiro LLP, alleges that Verra Mobility executives misled shareholders regarding the stability of critical client relationships. Between February 24 and May 26, 2026, the company reportedly downplayed the risk that major rental car firms might abandon Verra’s services for in-house alternatives. When the company finally disclosed the loss of the Avis contract on May 26, the stock plummeted from $13.08 to $3.85.
Beyond the contract dispute, investigators are scrutinizing the abrupt June 1 departure of CEO David Roberts, who left the company after a 12-year tenure. Reed Kathrein, the Hagens Berman partner heading the case, stated that the firm is seeking to determine when executives first realized that negotiations with Avis had collapsed. Investors who suffered losses during the class period have until August 4 to petition the court for a lead role in the proceedings.
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