CarMax Securities Case: Investors Urged to Seek Lead Role by Jan. 2 as Amended Filing Extends Class Period

Plaintiff firms cite alleged tariff-driven demand pull-forward and a jump in auto finance loan-loss reserves that preceded two sharp share declines.

Overview

Kessler Topaz says an amended complaint now covers purchases from June 20 through November 5, 2025, with a lead-plaintiff deadline of January 2, 2026.
Notices from the Schall Law Firm, DJS Law Group, and Faruqi & Faruqi continue to use a June 20 to September 24, 2025 class period and invite investors to seek lead status.
On September 25, 2025, CarMax disclosed a $142.2 million provision for loan losses and an 11.2% decline in CarMax Auto Finance income, and the stock fell about 20% the next day.
Hagens Berman points to a second drop after the November 6, 2025 termination of the CEO and weak preliminary Q3 outlook, alleging two stages of corrective disclosures.
The complaints allege violations of Sections 10(b) and 20(a) of the Exchange Act and SEC Rule 10b-5, and one firm is also soliciting potential whistleblowers through the SEC program.