The Carvana class action lawsuit seeks to represent purchasers or acquirers of Carvana Co. (NYSE: CVNA) publicly traded securities between May 6, 2020 and June 24, 2022, inclusive (the “Class Period”). The Carvana class action lawsuit – captioned Brent v. Carvana Co., No. 22-cv-04870 (D.N.J.) – charges Carvana and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Carvana stock and wish to serve as lead plaintiff of the Carvana class action lawsuit, please provide your information below. You can also contact Carvana Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Carvana class action lawsuit must be filed with the court no later than October 3, 2022. If you suffered losses in Carvana and have questions, please contact Carvana Stock Loss Lawyer Timothy L. Miles today.
Allegations in the Carvana Class Action Lawsuit
Carvana provides an e-commerce platform for buying and selling used cars in the United States.
The Carvana class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Carvana faced serious, ongoing issues with documentation, registration, and title with many of its vehicles; (ii) as a result, Carvana was issuing unusually frequent temporary plates; (iii) thus, Carvana was violating laws and regulations in many existing markets; (iv) consequently, Carvana risked its ability to continue business and/or expand its business in existing markets; (v) as such, Carvana was at an increased risk of governmental investigation and action; (vi) Carvana was in discussion with state and local authorities regarding the above-stated business tactics and issues; and (vii) 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.
On June 24, 2022, Barron’s published an article entitled “Carvana Sought to Disrupt Auto Sales. It Delivered Undriveable Cars,” detailing, among other things, that: “[i]n its haste to seize market share from competitors, Carvana was selling cars faster than it could get them registered to their new owners” and “at one point forming an ad hoc unit known as the ‘undriveable-car task force’”; “[i]n other instances . . . Carvana sold cars before it had title to the vehicles, an action that is illegal in many states where the company does business”; and “state regulators across the U.S. have been subjecting [Carvana] to suspensions or increased oversight over registration delays and its practice of issuing multiple temporary license plates from states where it has dealer’s licenses, instead of promptly providing permanent ones.” For example, the article detailed that “Pennsylvania officials suspended [Carvana’s] license to issue temporary permits at its two vending-machine towers in that state . . . citing late document submittals, ‘improper issuance and verification of temporary Pennsylvania plates in other states,’ and other violations.” On this news, Carvana’s share price fell approximately 21% over the next two trading days, damaging investors who suffered losses in Carvana.
The Lead Plaintiff Process in the Carvana Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Carvana stock to seek appointment as lead plaintiff in the Carvana class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Carvana stock, and have further questions, contact Carvana Stock Loss Lawyer Timothy L. Miles today.
How Can a Carvana Stock Loss Lawyer Help Me?
A Carvana Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A Carvana Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Carvana Stock Loss Lawyer who will work to recover the losses you sustained through a Carvana Class Action lawsuit.
Contact a Carvana Stock Loss Lawyer if You Suffered Losses in Carvana Stock
If you suffered losses in Carvana stock, contact Carvana stock loss lawyer Timothy L. Miles today about a Carvana class action lawsuit, and see what a Carvana Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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