Class action brought on behalf of

Investors with losses can Contact the toll-free law firm to learn more about recovering their losses

LOS ANGELES, Aug. 04, 2022 (GLOBE NEWSWIRE) — Portnoy Law Firm advises investors in Carvana Co. (“Carvana” or the “Company”) (NYSE: CVNA) that a class action lawsuit has been filed on behalf of investors. Carvana investors who have lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors are encouraged to contact attorney Lesley F. Portnoy, by phone at 844-767-8529 or by email: [email protected], to discuss their legal rights, or click here to join the case via Portnoy Law Firm can provide a free case assessment and discuss options for investors to pursue claims to recover their losses.

On June 24, 2022, after market hours, Barron’s published an article which alleged, among other things, that Carvana was “selling cars faster than it could register them to their new owners”, and had “issued multiple plates Temporary registration from shows where it has reseller licenses, instead of quickly providing permanent licenses. »

On this news, Carvana stock fell $6.78, or 21.5%, over the next two trading days to close at $24.74 per share on June 28, 2022, hurting investors.

The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, the defendants failed to disclose to investors that: (1) Carvana faced serious ongoing documentation, registration, and title issues with many of its vehicles; (2) as a result, Carvana was issuing unusually frequent temporary plates; (3) as a result of the foregoing, Carvana violated laws and regulations in many existing markets; (4) as a result of the foregoing, Carvana risked its ability to continue operations and/or expand operations in existing markets; (5) as a result of the foregoing, Carvana was exposed to an increased risk of government investigation and action; (6) Carvana was in discussions with state and local authorities regarding the aforementioned business tactics and issues; (7) Carvana was facing pending and pending regulatory action including license suspensions, terminations and probation in several states and counties, including Arizona, Illinois, Pennsylvania, Michigan and North Carolina; and (8) as a result, defendants’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.

Please visit our website to view more information and submit your transaction information.

Portnoy Law Firm represents investors in the prosecution of claims caused by corporate wrongdoing. The company’s founding partner has recovered more than $5.5 billion for harmed investors. Lawyer advertisement. Prior results do not guarantee similar results.

Lesley F. Portnoy, Esq.
Admitted to the CA and NY Bar
[email protected]
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