Gotham City Research Alleges Carvana Overstated Earnings, CVNA Drops 20%
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.