Troubled Company.  Run fast, run far.  We see images of rats fleeing a sinking ship.  In our opinion,  Carvana has been playing Disclosure Games® with investors through its choice to first mislead, and then to stay silent on an SEC inquiry that investors would surely consider material.  We know what it’s about.  The market would too, had the inquiry not been so well disguised when first tucked into an unrelated 2020 SEC filing.  There have been no updates since, but our own work suggests the problem remains ongoing.  Insiders have been recent and heavy sellers of the stock.  Today’s report parses the initial disclosure, lays out the timeline since, and adds fresh data to make our negative case on Carvana. 

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