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Carvana Co.

Company NameCarvana Co.
Stock SymbolCVNA

On May 16, 2022, after the market closed, Automotive News reported that Carvana’s license had been suspended in Illinois “because the company failed to properly transfer titles for vehicles it sold and misused out-of-state temporary registration permits.” Illinois Secretary of State Police had “opened an investigation into consumer complaints about Carvana in February,” spanning “about 90 signed complaints.”

On this news, Carvana’s stock fell $3.35, or 8.7%, over the next two consecutive trading days to close at $35.05 on May 18, 2022, thereby injuring investors.

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