NEW YORK, July 19, 2023 (GLOBE NEWSWIRE) --
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Carvana Co. (NYSE: CVNA) resulting from allegations that Carvana may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Carvana securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=17341 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On June 23, 2023, before the market opened, Forbes released an article entitled “The Untold Story of HyperSport, Carvana’s Mysterious And Scandal-Plagued Former Vendor.” The article stated, in pertinent part, that HyperSport was submitting duplicate invoices to Carvana, which were then in turn being processed. As one Carvana manager stated, “they would charge multiple times for the same repair. I know for a fact they were doing that.” The article also alleged that even though Carvana has never disclosed a relationship with HyperSport in its filings, that the two firms are linked. Specifically, it alleged that HyperSport technicians worked alongside Carvana technicians despite being underqualified. The reason for this relationship, the article alleged, was that “HyperSport was controlled by a Carvana manager or his associates- and that as a result, HyperSport was incentivized to push through duplicate invoices to Carvana and skimp on buying its own supplies.” A former Carvana employee was quoted in the article as saying “we had a feeling that someone was getting a kickback out of this. It didn’t make sense.”
On this news, Carvana’s stock price fell $4.13 per share, or 16.1%, to close at $21.41 on June 23, 2023.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com
