CarMax Securities Litigation Intensifies With Expanded Class Period and Jan. 2 Lead-Plaintiff Deadline

Investors have until January 2, 2026 to seek lead-plaintiff status in the Maryland case alleging CarMax misled on sustainable demand.

Overview

The consolidated case is pending in the U.S. District Court for the District of Maryland, captioned Jason Cap v. CarMax, Inc., No. 1:25-cv-03602.
Robbins Geller, Rosen, Bleichmar Fonti & Auld, Kessler Topaz, Bernstein Liebhard, and Levi & Korsinsky issued notices as they compete for lead roles, with class period dates that vary by firm and some notices extending to November 5, 2025.
Complaints assert Sections 10(b) and 20(a) claims, alleging CarMax overstated sustainable growth and benefited temporarily from a tariff-driven pull-forward in demand.
On September 25, 2025, CarMax reported Q2 FY2026 weakness — retail used unit sales down 5.4%, comparable store units down 6.3%, and EPS of $0.64 versus $0.85 — and the stock fell about 20%.
On November 6, 2025, CarMax disclosed the termination of CEO Bill Nash and a weak preliminary Q3 outlook, and shares declined more than 24%; some notices also flag ongoing inquiries into loan-loss reserves and the CEO departure.