Johnson Fistel, PLLP Investigates Claims on Behalf of Long-Term Shareholders of CarMax, Inc. (KMX)

Johnson Fistel, PLLP is investigating potential claims on behalf of current, long-term shareholders of CarMax, Inc. (NYSE: KMX) against certain of their officers and directors for alleged breaches of fiduciary duty. Shareholders who have held shares continuously since prior to the dates listed below may have standing to seek corporate governance reforms, the return of funds back to the company, and a court-approved incentive award, all at no cost to them.

Complaint Allegations
A previously filed federal securities class action complaint alleges that Defendants misled investors by failing to disclose that: (1) CarMax’s 2022 and 2023 vintage loans were underperforming; (2) CarMax’s loss reserves were inadequate to cover these loans; (3) CarMax had an oversupply of vehicles at its lots in early 2025; (4) this oversupply caused substantial depreciation of its inventory; (5) CarMax’s mid-2025 sales boost was largely driven by customers rushing to purchase used cars amid concerns over potential new-car tariffs; and (6) based on the foregoing, Defendants materially overstated customer receivables, inventory values, and earnings, while misleading investors about the Company’s business, operations, and growth prospects.