SAN FRANCISCO, June 4, 2026 /PRNewswire/ -- After the markets closed on June 1, 2026, Verra Mobility Corporation (NASDAQ: VRRM) announced that its CEO (David Roberts) left the company. Roberts' departure comes in the wake of a massive $9.23 fall (-70%) in the price of the company's shares on May 27, 2026 after news that it received a termination notice from one of its largest customers -- Avis Budget Group.
National shareholder rights firm Hagens Berman continues its investigation into the developments and severe market reactions on both June 2 and May 27, particularly on whether Verra has been sufficiently transparent about its relationship with Avis and, if not, whether the company may have violated the federal securities laws.
The firm encourages Verra investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist the investigation to contact its attorneys.
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Verra Mobility Corporation (VRRM) Investigation:
Verra is a provider of smart mobility technology solutions, providing integrated data-driven solutions that include toll and violations management, title and registration services, automated safety and traffic enforcement, and commercial parking management.
In the past, Avis Budget Group has been among Verra's largest customers, representing more than 10% of its revenues. Verra has touted its "long-standing" relationship with Avis.
About three weeks before his departure, on May 6, 2026 during Verra's Q1 2026 earnings call, Verra CEO Roberts assured investors that the company had a contract extension with Avis that "enables us to continue to serve the customer without interruption while we continue to negotiate a long-term renewal[]" and "[t]hese conversations are ongoing and constructive." The company also reaffirmed all 2026 guidance measures.
Twenty days later, on May 26, 2026, investors' expectations were dashed. Verra disclosed that it received a termination notice effective September 2026 from Avis regarding the companies' contract. Verra also announced it is taking immediate actions to cut costs, adapt operations, and reposition its business. The company also revised its 2026 outlook that significantly deviated from that given just twenty days prior.
In response, the market sent the price of Verra shares down about 70% on May 27, 2026. The toll amounted to roughly $1.4 billion of the company's market capitalization being wiped out in a single day.
"Our investigation is focused on the extent to which and when Verra and its executives knew that renegotiations with Avis were far from constructive, as the May 26 surprise reveals," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation.
If you invested in Verra and have substantial losses, or have knowledge that will assist the firm's investigation, submit your losses now »
If you'd like more information and answers to other frequently asked questions about the firm's Verra investigation, read more »
Whistleblowers: Persons with non-public information regarding Verra should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected] .
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
SOURCE Hagens Berman Sobol Shapiro LLP
