
Amicus Therapeutics, Inc. (FOLD)
Whether directors and officers of Amicus Therapeutics, Inc. (FOLD) breached their fiduciary duties to the company and its shareholders.
Investigation
06/24/2022
Initial Lawsuit
08/03/2022
Lawsuit Progression
10/03/2022
Did Carvana Co. (CVNA) mislead investors regarding the registration of its cars and the legality of its sales/delivery process in the U.S.?
This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.
A lawsuit was subsequently filed. We update this post regularly.
06/24/2022
Barron’s publishes an investigative article about Carvana entitled “Carvana Sought to Disrupt Auto Sales. It Delivered Undriveable Cars” depicting problems at the company.
“In its haste to seize market share from competitors, Carvana was selling cars faster than it could get them registered to their new owners . . . Barron’s interviews with Carvana customers and former employees shed light on why registrations were delayed and how state regulators have tried to address the issue. The reporting reveals a company scrambling to address the problem, at one point forming an ad hoc unit known as the “undriveable-car task force.””
“In other instances, though, 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.”
Stock Impact
Close | Previous close | Price variation | Percentage variation |
---|---|---|---|
$30.34 | $31.52 | $-1.18 | -3.74% |
A Carvana Co. (CVNA) investor filed a class action lawsuit on behalf of persons or entities who purchased or otherwise acquired publicly traded Carvana securities between May 6, 2020, and June 24, 2022, inclusive.
According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors 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, the defendants’ statements about Carvana’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses
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