What's Going On With Carvana Stock Friday
Portfolio Pulse from Anusuya Lahiri
Carvana's stock is trading lower amid reports of former employees accusing automotive reconditioning contractor HyperSport Industries of dishonest dealings, including stealing from Carvana and submitting duplicate invoices. Carvana's stock is down over 90% from its peak and laid off 4,000 employees in 2022.
June 23, 2023 | 2:51 pm
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Carvana's stock is trading lower due to reports of dishonest dealings by contractor HyperSport Industries, which may have contributed to the company's 90% stock decline and layoffs.
The news of dishonest dealings by HyperSport Industries, a contractor for Carvana, has led to a negative perception of the company's operations and financial management. This has resulted in a decline in Carvana's stock price, as investors may be concerned about the company's ability to manage its contractors and maintain profitability. Additionally, the company's recent layoffs may further contribute to investor concerns.
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