Avis Budget Group Inc. (NASDAQ:CAR) CEO Brian Choi addressed the recent dramatic swings in the company’s stock price, attributing the market chaos to a massive short squeeze and vowing legal action to protect shareholders from opportunistic trading.
‘Aggressively Pursue’ Rights
During the company’s first-quarter 2026 earnings call, Choi directly addressed the “excess volatility” surrounding CAR stock.
Following reports of a massive short squeeze allegedly manufactured by major hedge funds holding a concentrated available float, Choi noted that Pentwater Capital disclosed the sale of 4.3 million shares for gross proceeds of $1.75 billion over just two days.
Pentwater acknowledged the sale was, at least in part, violative of SEC Section 16 short swing profit rules.
In response, Choi promised strict accountability to investors. “Avis has requested Pentwater furnish all relevant information concerning the trades, and Avis will aggressively pursue all rights on behalf of our stockholders,” Choi stated firmly.
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