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Carvana Stock Dives Following Gotham City Short Report - Carvana (NYSE:CVNA)

During market hours on Jan. 28, 2026, Gotham City Research LLC alleged Carvana Co overstated its 2023–24 earnings by over $1 billion, sending shares down 16%.
Gotham's report argues Carvana Co relies on related-party financing via DriveTime Automotive Group, Inc. and Bridgecrest Acceptance Corp., citing loan intermingling and accounting irregularities.
Gotham details DriveTime's leverage between 20x and 40x, with loans tied to Carvana on VinAudit and Bridgecrest's balance sheet, and alleges DriveTime burned over $1 billion in cash flow.
Securities law firm Bleichmar Fonti & Auld LLP announced an investigation into Carvana Co for potential federal securities-law violations, while Gotham predicts restatements and Grant Thornton's resignation.
After Hindenburg Research's bet last year, Carvana Co entered the S&P 500 last month and faces renewed scrutiny amid volatile trading since a bankruptcy scare.

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