A securities class action has been filed against CarMax, Inc. (KMX) on behalf of purchasers of the securities of CarMax, Inc. (NYSE: KMX) between June 20, 2025 through September 24, 2025. This case has been filed in the USDC – MD.
On September 25, 2025, CarMax filed a Current Report on Form 8-K, in which CarMax disclosed its financial results for the second quarter of its 2026 fiscal year. CarMax reported earnings per share (“EPS”) of only $0.64 on $6.6 billion in sales, falling well short of consensus estimates of EPS of $1.03 on $7 billion in sales. CarMax’s Chief Executive Officer described the quarter as “challenging” and said that CarMax would cut selling, general and administrative spending by $150 million over the next 18 months.
On this news, CarMax’s stock price fell $11.5 per share, or 20.07%, to close at $45.60 per share on September 25, 2025.
The complaint alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Defendants recklessly overstated CarMax’s growth prospects when, in reality, its earlier growth in the 2026 fiscal year was a temporary benefit from customers buying cars due to speculation regarding tariffs; and (2) as a result, defendants statements about CarMax’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.