Hindenburg Research's report on Carvana causes its shares to drop 11% amid accusations of poor practices and financial manipulation.

Short seller Hindenburg Research on Thursday accused Carvana of running an “accounting grift for the ages” in a bombshell report — sending shares of the used-car retailer tumbling. Hindenburg — whose report on companies run by Indian billionaire Gautam Adani led to a federal indictment of the mogul last year — said it took a short position on Carvana after extensive document review and nearly 50 interviews with industry experts.

There’s a fresh twist in the saga of online used car retailer Carvana, which emerged from the rubble of its post-pandemic implosion in curiously good shape. With competitor Vroom’s 2024 shuttering still fresh in our minds,