Reported 2 days ago
Hindenburg Research has publicly challenged Carvana Co. over alleged financial improprieties, claiming the auto retailer's subprime loan portfolio poses significant risks and that its growth is unsustainable. Their report suggests Carvana employs dubious practices, such as manipulating results through ties with a company owned by CEO Ernest Garcia III's father, to inflate its financial standing, which has led to significant insider trading by the Garcia family. Following the report, Carvana's stock saw a steep decline, though it had previously experienced a substantial surge.
Source: YAHOO