The law firm of Kirby McInerney LLP announces that a class action lawsuit - Jason Cap v. CarMax, Inc. - has been filed on behalf of investors who acquired CarMax, Inc. (“CarMax” or the “Company”) (NYSE: KMX) securities during the period of June 20, 2025 through September 24, 2025, inclusive (“the Class Period”).

If you suffered a loss on your CarMax investments, you have until January 2, 2026 to request lead plaintiff appointment. For more information:

[CONTACT THE FIRM IF YOU SUFFERED A LOSS]

What Is This Lawsuit About? The lawsuit alleges that 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.

On September 25, 2025, CarMax issued a press release entitled “CarMax Reports Second Quarter Fiscal Year 2026 Results” announcing, among other things, that a) retail unit sales decreased 5.4% and comparable store unit sales decreased 6.3%; wholesale units decreased 2.2% and b) net earnings per diluted share of $0.64 versus $0.85 a year ago. On the accompanying earnings call, representatives of the Company stated: “During our first quarter call, I mentioned that we saw an uptick in sales volume in March and April due to the tariff speculation. This impacted our performance in the second quarter in 2 ways. First, we ramped our inventory ahead of the second quarter to support this growth. Across the back half of May through the end of June, we saw about $1,000 in depreciation, which natively impacted our price competitiveness and our sales.” On this news, the price of CarMax shares declined by $11.50 per share, or approximately 20.07%, from $57.05 per share on September 24, 2025 to close at $45.60 on September 25, 2025.

[LEARN MORE ABOUT THE LAWSUIT]

The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who acquired eligible securities during the class period to seek appointment as lead plaintiff in a class action lawsuit. Courts typically appoint the investor(s) with the largest financial loss in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who bought shares during the class period are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.

[LEARN MORE ABOUT THE LEAD PLAINTIFF PROCESS]

What Should I Do? If you purchased or otherwise acquired CarMax securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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