Carvana Co.

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Investigation Details

On June 23, 2023, Forbes released an article entitled “The Untold Story of HyperSport, Carvana’s Mysterious And Scandal-Plagued Former Vendor.” The article stated that HyperSport was submitting duplicate invoices to Carvana, which were being processed, thus, “charg[ing] multiple times for the same repair,” according to one Carvana manager. The article also alleged that “HyperSport was controlled by a Carvana manager or his associates- and that as a result, HyperSport was incentivized to push through duplicate invoices to Carvana and skimp on buying its own supplies.”

On this news, Carvana’s stock price fell 16.1% to close at $21.41 on June 23, 2023.