CarMax Faces Securities Class Action as Firms Vie for Lead Plaintiff Before Jan. 2 Deadline

Plaintiffs contend CarMax overstated sustainable demand by benefiting from a tariff‑driven pull‑forward of sales as they press investors to seek lead‑plaintiff status.

Overview

The putative case, captioned Cap v. CarMax, Inc., No. 1:25‑cv‑03602, is pending in the U.S. District Court for the District of Maryland.
Filings assert Exchange Act Sections 10(b) and 20(a) claims alleging CarMax misrepresented growth durability while demand was temporarily boosted by pre‑tariff buying.
CarMax shares fell roughly 20% after Sept. 25 Q2 FY2026 results showing a 5.4% retail used unit decline, a 6.3% comparable‑store decline, and lower EPS, then slid over 24% after a Nov. 6 disclosure of the CEO’s termination and a weak preliminary Q3 outlook.
Multiple firms are soliciting investors ahead of the Jan. 2, 2026 lead‑plaintiff deadline, and Kessler Topaz reports an amended complaint is on file covering June 20 to Nov. 5, 2025.
Class period dates conflict across notices, with most ending Nov. 5, one citing Nov. 24 and another Sept. 24, and at least one firm is probing CarMax’s auto‑loan loss reserves.