America's Car-Mart, Inc. is facing a growing wave of shareholder-law-firm investigations tied to a series of 2025 disclosures that triggered sharp stock declines, with the Law Offices of Howard G. Smith joining earlier notices from the Law Offices of Frank R. Cruz and Rosen Law Firm. Howard G. Smith said on Aug. 13, 2026 that it continues to investigate possible federal securities law violations and is seeking investors who suffered losses. The investigations center on three disclosures from 2025. On July 15, 2025, Car-Mart said it would delay filing its annual report because management identified the need to enhance disclosures related to loan modifications for borrowers experiencing financial difficulty, sending the stock down $3.12, or 5.2%, to $57.26. On July 30, 2025, the company said certain previously issued financial statements should no longer be relied upon because of omissions in disclosure about those loan modifications, including qualitative and quantitative information about the types of modifications used, the financial effect by modification type, and receivable performance in the 12 months after a modification; the stock fell another $3.70, or 7.5%, to $45.57. Car-Mart later released first-quarter fiscal 2025 results on Sept. 4, 2025, saying sales volumes declined 5.7% to 13,568 units from 14,391 a year earlier. The company attributed that to prioritizing its strongest-performing customer rankings and vehicle quality aimed at controlling downstream repair costs and selling to a better credit quality customer. Shares fell $8.14, or 18.2%, to close at $36.51 on Sept. 4, 2025. Earlier coverage cited in the existing record also said the company reported a first-quarter loss of 69 cents per share, compared with a net loss of 15 cents per share a year earlier.