The SEC Accounting Investigation Carvana [Still] Does Not Want to Talk About
Analysis and Opinion: With Carvana shares on a volatile tear this year, we thought it would be worthwhile to remind you that this management disclosed serious-sounding accounting issues in early 2020. We’ve steadily tracked and warned on an undisclosed SEC investigation since then. We have no reason to believe either has been resolved.
This management has also gone to capital markets repeatedly since that first disclosure back in early 2020. Yet they continue to not say a peep about accounting or SEC woes. No problem. Let’s bid the shares up another 50%. Or not. These set-ups usually don’t end well.
– John P. Gavin, CFA
Click on the attached PDF for the full analyst report.