NEW YORK, Oct. 03, 2022 (GLOBE NEWSWIRE) — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC is notifying investors that a class action lawsuit has been filed against Carvana Co. (“Carvana” or the “Company”) CVNA and certain of its officers on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Carvana securities between May 6, 2020 and June 24, 2022, both dates inclusive (the “Collection Period”) . Such investors are encouraged to join this case by visiting the company’s website: www.bgandg.com/cvna.
This class action seeks damages against the defendants for alleged violations of the Securities Act of 1934 (the “Exchange Act”).
The Complaint alleges that during the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) Carvana had serious, ongoing documentation, registration and title problems with many of its vehicles; (2) as a result, Carvana issued temporary license plates with unusual frequency; (3) as a result of the foregoing, Carvana has violated laws and regulations in many established markets; (4) as a result of the foregoing, Carvana risked its ability to continue and/or expand its business in existing markets; (5) as a result of the foregoing, Carvana has been exposed to an increased risk of government investigation and action; (6) Carvana has been in discussions with state and local authorities regarding the above business tactics and issues; (7) 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; and (8) as a result, the statements made by the defendants regarding Carvana’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. As the true details emerged, the lawsuit alleges that investors suffered damage.
A class…
