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Paul, Weiss is widely recognized as having one of the nation’s preeminent securities litigation and regulatory practices. For two decades, our lawyers have guided global corporations and financial institutions through a series of “bet-the-company” securities-related crises, consistently reducing or eliminating their most damaging claims and negotiating favorable resolutions.
Susanna Buergel and David Friedman’s Win on Behalf of Carvana Underwriters Recognized by The American Lawyer
- November 3, 2023
Litigation partner Susanna Buergel and associate David Friedman were recognized by The American Lawyer on November 3 for securing the dismissal of a putative securities class action against our clients, two bank underwriters of online used car retailer Carvana Co.
In their lawsuit filed in state court in Phoenix, a putative investor class claimed that Carvana’s secondary offering in April 2022 failed to disclose issues with the way the company processed the titles and registration of used cars sold on its platform. Defendants included Carvana and seven individual directors or executives; the company’s auditor; and our clients Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, which underwrote the offering.
In his order dismissing the case with prejudice against all defendants on October 27—just days after oral arguments on the motion—Maricopa County Superior Judge Christopher Coury found either that Carvana disclosed all the alleged omissions or that they were immaterial to investors, and that the amended complaint did not allege any untrue statement or material omission by the underwriters.
In addition to Susanna and David, the Paul, Weiss team included litigation associate Alex Harper.