Notice to Carvana Co. Shareholders: Robbins LLP Reminds Investors of Lead Plaintiff Deadline… | New

SAN DIEGO, Aug. 16, 2022 (GLOBE NEWSWIRE) —

The Class: law firm specializing in shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all persons or entities who purchased or otherwise acquired securities of Carvana Co. (NYSE: CVNA) between May 6, 2020 and June 24, 2022, for violation of the Securities Exchange Act of 1934 Carvana, together with its subsidiaries, is an electronic commerce platform for the purchase and sale of used cars in the United States.

If you want more information about the misconduct of Carvana Co., click here.

What this case is about: Carvana Co. (CVNA) misled investors because of its ability to deliver properly registered cars

According to the Complaint, the Defendants made false and misleading statements and failed to disclose that: (i) Carvana faced serious ongoing documentation, registration and title issues with many of its vehicles; (ii) as a result, Carvana was issuing unusually frequent temporary plates; (iii) thus, Carvana violated laws and regulations in many existing markets; (iv) as a result, Carvana risked its ability to continue operations and/or expand operations in existing markets; (v) as such, Carvana was exposed to an increased risk of investigation and government action; (vi) Carvana was in discussions with state and local authorities regarding the aforementioned business tactics and issues; and (vii) Carvana was facing pending and pending regulatory action, including license suspensions, terminations and probation in several states and counties, including Arizona, Illinois, Pennsylvania, in Michigan and North Carolina.

On June 24, 2022, Barrons published an article titled “Carvana sought to disrupt auto sales. He delivered undriveable cars[,]which detailed several issues with Carvana, including that “[i]In its haste to take market share from its competitors, Carvana was selling cars faster than it could register them to their new owners” and “at one point formed an ad hoc unit known as the ‘group working on unusable cars”. The article further stated that “State regulators across the United States have subjected the company to suspensions or increased scrutiny over registration delays and its practice of issuing multiple license plates. temporary registration from the states where it has dealer licenses, instead of quickly providing permanent licenses”. , the Company’s stock price fell $6.78, or 21.5%, per share over the next two trading days to close at $24.74 per share on June 28, 2022.

Next steps: If you acquired shares of Carvana Co. between May 6, 2020 and June 24, 2022, you have until October 3, 2022 to ask the court to appoint you as lead class plaintiff. A lead plaintiff is a representative party acting on behalf of other class members to direct litigation. You don’t have to be in the case to be eligible for a clawback.

All representation is done on a contingent fee basis. Shareholders do not pay any fees or expenses.

Contact us for more information:

Aaron Dumas

(800) 350-6003

[email protected]

Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP are dedicated to helping shareholders recoup losses, improve corporate governance structures and hold corporate executives held accountable for their wrongdoings since 2002. action against Carvana Co. settles or to receive free alerts when corporate executives commit wrongdoing, sign up for Watch Inventory today.

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