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On April 10, 2025, CarMax released its Q4 and full year financial results. The Company missed analyst estimates and admitted it would be “removing the timeframes” it had previously assigned to long-term revenue, unit sales, and market share goals. The Company claimed this decision was driven by “the potential impact o broader macro factors.”
Following this news, shares of CarMax fell over 17% on the same day. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.