NEW YORK, NY / ACCESSWIRE / August 14, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Carvana Co. ('Carvana' or the 'Company') (NYSE: CVNA). Such investors are advised to contact Robert S. Willoughby at [email protected]or 888-476-6529, ext. 7980.

The investigation concerns whether Carvana and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

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On May 18, 2022, the Illinois 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 issuing out-of-state temporary registration permits and for failing to transfer titles. The Secretary of State's office stated that vehicles that have already been purchased but not yet delivered can still be delivered to the purchasers during the suspension, but no new vehicle sales can occur in Illinois during the suspension order.

On this news, Carvana's stock price fell $6.55 per share, or 15.75%, to close at $35.05 per share on May 18, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

SOURCE: Pomerantz LLP