TOP LAW FIRM ROSEN Encourages Lossed Carvana Co. Investors to Learn About Class Action Investigation – CVNA
NEW YORK, June 27, 2022 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of Carvana Co. (NYSE: CVNA) shareholders arising from allegations that Carvana allegedly may have provided misleading business information to the investing public.
SO WHAT: If you have purchased Carvana Securities, you may be entitled to compensation without payment of out-of-pocket fees or costs through a contingent fee arrangement. The Rosen law firm is preparing a class action lawsuit to recover investors‘ losses.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=6457 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for class action information.
WHAT DOES IT TALK ABOUT: On May 18, 2022the Illinois The Secretary of State’s office announced that Carvana’s license to sell vehicles in Illinois was suspended on May 10 due to the misuse of the issuance of temporary out-of-state registration permits and failure to transfer titles. The Secretary of State’s office said vehicles that have already been purchased but not yet delivered can still be delivered to buyers during the suspension, but no sales of new vehicles can take place in Illinois during the suspension order.
At this news, the Carvana share price fell $6.55 per share, or 15%, to close at $35.05 per share on May 18, 2022.
On June 24, 2022after market hours Barrons published an article titled “Carvana sought to disrupt auto sales. He delivered cars that were impossible to drive.” The article detailed several alleged issues with the company, including stating “Barrons interviews with customers and former Carvana employees provided insight into why registrations were delayed and how state regulators attempted to address the issue. The report reveals a company working to fix the problem, at one point forming an ad-hoc unit known as the “Bumper Car Task Force”. “The article also stated that”[i]In other cases, however, including Burton’s, Carvana sold cars before it had title to the vehicles, an action that is illegal in many states where the company does business.[i]n interviews with state officials and former Carvana employees show that the problem is larger than the company suggests. »
On this news, Carvana’s share price fell during intraday trading on the June 27, 2022the next trading day.
WHY THE ROSEN LAW: We encourage investors to select qualified attorneys with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company obtained more than $438 million for investors. In 2020, founding partner Laurence Rosen has been named by law360 as a Titan of the Plaintiffs Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Free: (866) 767-3653
Fax: (212) 202-3827
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