Gotham City Research Alleges Carvana Overstated Earnings, CVNA Drops 20%
TL;DR Summary
Activist short seller Gotham City Research alleges Carvana overstated 2023–24 earnings by over $1 billion, linking inflated EBITDA to DriveTime and signaling possible restatements, auditor changes, and delayed filings; despite a rebound narrative and a Strong Buy consensus among analysts, the stock fell as much as 20% on the news.
- Carvana Stock (CVNA) Sinks 20% as Short Seller Alleges Overstated Earnings TipRanks
- US car retailer Carvana attacked by short seller Gotham City Research Financial Times
- Carvana shares fall 14% following short-seller accusations CNBC
- Carvana Targeted by Short Seller, Sending Shares Tumbling Bloomberg
- Carvana stock drops 9% as Gotham City alleges $1B accounting gap Investing.com
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