Carvana Co.

Ticker: cvna

Class Period Start: 05/06/2020

Class Period End: 06/24/2022

Registration Deadline: 10/03/2022

A securities class action has been filed in the USDC, NJ against Carvana Co. (CVNA) on behalf of purchasers of the securities of Carvana Co. (NYSE: CVNA) between May 6, 2020 through June 24, 2022. 

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Carvana faced serious, ongoing issues with documentation, registration, and title with many of its vehicles;
  • as a result, Carvana was issuing unusually frequent temporary plates;
  • as a result of the foregoing, Carvana was violating laws and regulations in many existing markets;
  • as a result of the foregoing, Carvana risked its ability to continue business and/or expand its business in existing markets;
  • as a result of the foregoing, Carvana was at an increased risk of governmental investigation and action;
  • Carvana was in discussion with state and local authorities regarding the above-stated business tactics and issues;
  • Carvana was facing imminent and ongoing regulatory actions including license suspensions, business cessation, and probation in several states and counties including in Arizona, Illinois, Pennsylvania, Michigan, and North Carolina; and
  • as a result, defendants’ statements about Carvana’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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