SAN DIEGO, Sept. 9, 2022 (GLOBE NEWSWIRE) — The class: Law firm for shareholder rights Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of any person or entity holding Carvana Co. CVNA securities between May 6, 2020 and June 24, 2022 for violating the Securities Exchange Act of 1934. Carvana, along with its subsidiaries, is an e-commerce platform for the buying and selling of used vehicles in the United States.

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What is it about in this case: Carvana Co. (CVNA) has misled investors related to its ability to supply properly registered cars

According to the lawsuit, the defendants made false and misleading statements and failed to disclose the following: (i) Carvana had serious and ongoing documentation, registration and title issues with many of its vehicles; (ii) as a result, Carvana issued temporary license plates with unusual frequency; (iii) as a result, Carvana violated laws and regulations in many existing markets; (iv) as a result, Carvana risked its ability to continue in business and/or expand its business in existing markets; (v) as such, Carvana was at increased risk of governmental investigations and actions; (vi) Carvana has had discussions with state and local authorities regarding the above business tactics and issues; and (vii) Carvana faced pending and ongoing regulatory actions, including license suspensions, suspension of business and probation in multiple states and counties including Arizona, Illinois, Pennsylvania, Michigan and North Carolina.

On June 24, 2022, Barrons published an article entitled “Carvana tried to disrupt car sales. It delivered undrivable cars[,]”, which detailed several issues with Carvana, including the “[i]In its rush to capture market share from competitors, Carvana sold cars faster than they could be registered to their new owners” and “eventually formed an ad hoc entity…