Carvana Co. (CVNA) Officers and Directors Under Investigation for Possible Breaches of Fiduciary Duty

Schubert Jonckheer & Kolbe LLP is investigating potential derivative claims on behalf of shareholders of Carvana Co. (NYSE: CVNA) relating to possible misconduct by certain of its officers and directors.

The firm’s investigation relates to Carvana’s used car purchasing and selling processes. On June 24, 2022, Barron’s reported on widespread problems and consumer complaints relating to delays getting vehicle titles and registrations, incorrect paperwork, and other serious issues with Carvana’s used car selling operations. Carvana is subject to at least one class action lawsuit on behalf of car purchasers related to these matters.

Carvana’s questionable purchasing and selling practices have also resulted in increased state agency oversight, scrutiny, and discipline. For example, Carvana was forced to temporarily suspend all business in Illinois for two weeks in May, Carvana’s dealer license was suspended in a North Carolina county between August 2021 and January 2022, and Carvana’s license is on probation in Michigan. Further, Carvana and two of its top executive officers are currently subject to a class action securities lawsuit in the U.S. District Court for the District of New Jersey alleging that the defendants made false and misleading statements or otherwise failed to disclose the foregoing adverse information.

The Schubert Firm is investigating potential breaches of fiduciary duty by the Carvana’s officers and directors in connection with these allegations and circumstances. If you own stock in Carvana and wish to obtain additional information about your legal rights, please complete the form below for a free legal consultation.