SAN FRANCISCO, Sept. 12, 2022 (GLOBE NEWSWIRE) — Hagens Berman is urging Carvana Co. (NYSE:CVNA) Investors who have suffered significant losses Submit your losses now.

school lesson: May 6, 2020 – June 24, 2022
Deadline for lead plaintiff: October 3, 2022
Visit: www.hbsslaw.com/investor-fraud/CVNA
Contact a lawyer now: [email protected]
844-916-0895

Carvana Co. (NYSE: CVNA) Securities Fraud Class Action:

The lawsuit challenges the defendants’ statements touting Carvana’s growth in retail units sold, which is said to be driven by the company’s increased penetration in existing markets.

The lawsuit alleges that defendants’ statements were misleading because they failed to disclose that Carvana: (1) had serious ongoing problems with the documentation, registration and title of many of its vehicles; (2) issued temporary license plates with unusual frequency; (3) violated laws and regulations in many of its existing markets; (4) risked its ability to continue its business and/or expand its business in existing markets; (5) faced increased risk of governmental investigation and action; (6) Consulted with state and local authorities regarding the above business tactics and issues; and (7) faced pending and ongoing regulatory actions, including license suspensions, suspension of business and probation in multiple states.

On June 24, 2022, Barrons published an article that revealed that “[i]In its rush to grab market share from competitors, Carvana was selling cars faster than they could be registered to their new owner’s Undriveable Car Task Force unit. Barrons Also noted that Carvana was sued by several state motor vehicle agencies for failure to meet vehicle registration deadlines, customers’ use of out-of-state permits and…