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;
- Carvana was issuing unusually frequent temporary plates;
- Carvana was violating laws and regulations in many existing markets;
- Carvana risked its ability to continue business and/or expand its business in existing markets;
- 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 of the foregoing, Defendants’ statements about Carvana’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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