January 13, 2009 – The court dismissed the case.
November 24, 2008 - The lead plaintiff filed a notice of voluntary dismissal without prejudice.

October 24, 2008 - The lead plaintiff and lead counsel were appointed.

October 6, 2008 - A lead plaintiff motion was filed.

August 6, 2008 - An investor in shares of CarMax Inc (NYSE: KMX) filed a lawsuit in the U.S. District Court for the Eastern District of Virginia against CarMax Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 2, 2008 and June 17, 2008.

According to the complaint the plaintiff charges CarMax Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between April 2, 2008 and June 17, 2008 defendant issued materially false and misleading statements regarding CarMax Inc's business and financial results. CarMax Inc was not meeting internal sales targets and was facing a 55% shortfall in its net income for first quarter of fiscal year 2009, later prompting CarMax Inc to suspend its financial guidance for the rest of fiscal 2009. According to the complaint, CarMax Inc publicly issued materially false and misleading statements and failed to disclose: (i) that CarMax Inc was not positioned to meet its sales targets or earnings objectives for fiscal 2009; (ii) that CarMax Inc had completed a refinancing of its warehouse facility which had materially increased CarMax Inc's funding costs; and (iii) as a result of the foregoing, defendants had no reasonable basis for their revenues and earnings guidance for fiscal 2009.

On June 18, 2008, CarMax Inc issued a press release announcing its financial results for the first quarter of fiscal 2009, the period ended May 31, 2008. CarMax Inc also announced that it was suspending its financial guidance for the rest of fiscal 2009. Upon this news, shares of CarMax Inc's stock (NYSE: KMX) fell $2 per share, or approximately 11%, to close at $16.34 per share, on heavy trading volume.

CarMax Inc is a nationwide retailer of new and used automotive vehicles. CarMax Inc also provides customers with a full range of related products and services, including the financing of vehicle purchases through CarMax Inc Auto Finance, CarMax Inc's own finance operation, and third-party financing providers; the sale of extended service plans and accessories; the appraisal and purchase of vehicles directly from consumers; and vehicle repair service.