NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Carvana Co. (NYSE: CVNA).
From mid-2021 through 2022, the Company has been the target of widespread complaints, regulatory scrutiny and litigation stemming from its business practices, including allegations that it failed to properly perform its duties when selling and transferring permanent ownership to consumers rendering their newly purchased vehicles unable to be legally driven, misrepresented its authority to legally do so under various state motor vehicle laws, and routinely issues multiple temporary license tags in violation of state laws.
In December 2021, the Company was sued in a consumer class action lawsuit alleging violations under state Unfair and Deceptive Trade Practices Act for its delay in permanently transferring the title of purchased automobiles resulting in consumers being unable to legally drive vehicles they purchased. Recently, the Court presiding over that case denied the Company’s motion to dismiss the case, allowing it to move forward.
The Company has also been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws.
KSF’s investigation is focusing on whether Carvana’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Carvana shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-cvna/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
