According to the Complaint, Carvana Co. purports to be, along with its subsidiaries, an ecommerce platform for buying and selling used cars in the United States.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Carvana faced serious, ongoing issues with documentation, registration, and title with many of its vehicles; (2) as a result, Carvana was issuing unusually frequent temporary plates; (3) as a result of the foregoing, Carvana was violating laws and regulations in many existing markets; (4) as a result of the foregoing, Carvana risked its ability to continue business and/or expand its business in existing markets; (5) as a result of the foregoing, Carvana was at an increased risk of governmental investigation and action; (6) Carvana was in discussion with state and local authorities regarding the above-stated business tactics and issues; (7) 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; and (8) as a result, Defendants’ statements about Carvana’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On November 2, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 22-CV-04870.

On November 15, 2022, the Court issued an Order transferring the case to the District of Arizona. The case transferred in to the District of Arizona on December 16 under Docket 22-CV-02126.

Lead Plaintiffs filed a consolidated Complaint on February 14, 2023. The consolidated Complaint included additional Claims and Defendants. Defendants filed a Motion to Dismiss the consolidated Complaint on April 19.

On February 29, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

On March 29, 2024, Lead Plaintiffs filed an amended consolidated Complaint. Defendants filed Motions to Dismiss the amended consolidated Complaint on May 24. On December 16, the Court issued an Order granting in part and denying in part Defendants' Motions to Dismiss.