Hindenburg Research short on used-car retailer Carvana-March 2024-www.financetom.com

Hindenburg Research short on used-car retailer Carvana

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Hindenburg Research short on used-car retailer Carvana

Jan 2, 2025 8:04 AM

(Reuters) - Short seller Hindenburg Research said on Thursday it was short on used-car retailer Carvana Co. ( CVNA )

"Our research uncovered $800 million in loan sales to a suspected undisclosed related party, along with details on how accounting manipulation and lax underwriting have fueled temporary reported income growth," Hinderburg alleged in its report.

Carvana ( CVNA ) did not immediately respond to a Reuters request for comment on the report.

Shares of the Tempe, Arizona-based company fell as much as 5% after the report but pared losses to trade down 1.5%.

(Reporting by Nathan Gomes in Bengaluru; Editing by Shreya Biswas and Anil D'Silva)

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