Exhibit 12 — In re Carvana Securities

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Exhibit 12, Document 364-12 in In re Carvana Co. Securities Litigation, No. 2:22-cv-02126-MTL (D. Ariz.), filed April 27, 2026. It is an email from Scott Dion dated Monday, April 27, 2026, sent under § 10 of the Protective Order, stating that in preparing Plaintiffs' forthcoming motion to compel, Plaintiffs identified produced documents that appear to correspond to entries on Defendants' privilege log. The email states that Plaintiffs do not agree these materials are privileged but will not use them unless and until the issue is resolved by agreement or Court order. It asks Defendants to advise by no later than May 4, 2026 whether they will maintain their privilege designations. A reply states: "This works for us."

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EXHIBIT 12 
Case 2:22-cv-02126-MTL     Document 364-12     Filed 04/27/26     Page 1 of 3

From:
Scott Dion
To:
"Christian.Word@LW.com"; Rachel Cocalis; Sarah Fallon; Matthew.Peters@lw.com; Tor Gronborg; Erika Oliver;
Matthew Balotta; Andrew Friedman; bmitchell@labaton.com; Dan Drosman; David Rosenfeld; Robert Rothman;
amarconi@fennemorelaw.com; Andrew.Clubok@lw.com; Ashley.Gebicke@lw.com;
dnorthup@fennemorelaw.com; Jeff.Hammel@lw.com; Kalana.Kariyawasam@lw.com; Meryn.Grant@lw.com;
Susan.Engel@lw.com; cameron.fine@dlapiper.com; emma.peplow@us.dlapiper.com;
madeline.cordray@us.dlapiper.com; melanie.walker@us.dlapiper.com; yan.grinblat@dlapiper.com;
dfriedman@paulweiss.com; Kristina A. Bunting; sbuergel@paulweiss.com; aapton@zlk.com;
jwilson@faruqilaw.com; Mathew Andrews
Subject:
RE: United Association National Pension Fund, et al. v. Carvana Company, et al. CV-22-2126-PHX-MTL
Date:
Monday, April 27, 2026 5:01:30 PM
Counsel,
 
Pursuant to § 10 of the Protective Order, we write to notify you that, in the course of preparing
Plaintiffs’ forthcoming motion to compel, Plaintiffs identified the following documents that were
produced in discovery but appear to correspond to entries on Defendants’ privilege log:
 
CVNA_CA_00030164-CVNA_CA_00030172;
CVNA_CA_00039725-CVNA_CA_00039859;
CVNA_CA_00179344-CVNA_CA_00179345;
CVNA_CA_00287595-CVNA_CA_00287600;
CVNA_CA_00361870-CVNA_CA_00361888;
CVNA_CA_00490187-CVNA_CA_00490189;
CVNA_CA_00508499-CVNA_CA_00508520;
CVNA_CA_00515530-CVNA_CA_00515533;
CVNA_CA_00515911-CVNA_CA_00515916;
CVNA_CA_00525393-CVNA_CA_00525396;
CVNA_CA_00528649-CVNA_CA_00528671;
CVNA_CA_00528717-CVNA_CA_00528720;
CVNA_CA_00530399-CVNA_CA_00530419;
CVNA_CA_00546244-CVNA_CA_00546256;
CVNA_CA_00577114-CVNA_CA_00577220;
CVNA_CA_00587930-CVNA_CA_00587987; and
CVNA_CA_00725395-CVNA_CA_00725397.
 
Because these documents appear to have been designated as privileged, Plaintiffs have promptly
notified you and sequestered the materials pending resolution of their status, and have refrained
from any further review beyond what was necessary to identify the issue.  Plaintiffs do not agree
that these materials are privileged, but will not use them unless and until the issue is resolved by
agreement or Court order.
 
Please advise, by no later than May 4, 2026, whether Defendants intend to maintain their privilege
designations as to these documents (including the corresponding entries on the April 9 privilege log),
or whether Defendants will withdraw those designations and confirm that the documents may be
used. If Defendants elect to maintain their claims, Plaintiffs will promptly present the issue to the
Court for determination pursuant to Rule 26(b)(5)(B).
 
Thanks,
Case 2:22-cv-02126-MTL     Document 364-12     Filed 04/27/26     Page 2 of 3

Scott
 
Scott I. Dion
Associate
225 NE Mizner Boulevard, Suite 720
Boca Raton, FL 33432 
(561) 961-2252
  
  
  
  
 
 
From: Christian.Word@LW.com <Christian.Word@LW.com> 
Sent: Monday, April 27, 2026 5:02 PM
To: Rachel Cocalis <RCocalis@rgrdlaw.com>; Sarah Fallon <SFallon@rgrdlaw.com>;
Matthew.Peters@lw.com; Tor Gronborg <TorG@rgrdlaw.com>; Erika Oliver
<EOliver@rgrdlaw.com>; Matthew Balotta <MBalotta@rgrdlaw.com>; Andrew Friedman
<afriedman@bffb.com>; bmitchell@labaton.com; Dan Drosman <DanD@rgrdlaw.com>; David
Rosenfeld <drosenfeld@rgrdlaw.com>; Robert Rothman <rrothman@rgrdlaw.com>;
amarconi@fennemorelaw.com; Andrew.Clubok@lw.com; Ashley.Gebicke@lw.com;
dnorthup@fennemorelaw.com; Jeff.Hammel@lw.com; Kalana.Kariyawasam@lw.com;
Meryn.Grant@lw.com; Susan.Engel@lw.com; cameron.fine@dlapiper.com;
emma.peplow@us.dlapiper.com; madeline.cordray@us.dlapiper.com;
melanie.walker@us.dlapiper.com; yan.grinblat@dlapiper.com; dfriedman@paulweiss.com; Kristina
A. Bunting <kbunting@paulweiss.com>; sbuergel@paulweiss.com; aapton@zlk.com;
jwilson@faruqilaw.com; Scott Dion <SDion@rgrdlaw.com>; Mathew Andrews
<MAndrews@rgrdlaw.com>
Subject: RE: United Association National Pension Fund, et al. v. Carvana Company, et al. CV-22-2126-
PHX-MTL
 
EXTERNAL SENDER
This works for us.  Thanks Rachel.
 
From: Rachel Cocalis <RCocalis@rgrdlaw.com> 
Sent: Monday, April 27, 2026 4:37 PM
To: Sarah Fallon <SFallon@rgrdlaw.com>; Peters, Matthew (DC) <Matthew.Peters@lw.com>; Tor
Gronborg <TorG@rgrdlaw.com>; Erika Oliver <EOliver@rgrdlaw.com>; Matthew Balotta
<MBalotta@rgrdlaw.com>; Andrew Friedman <afriedman@bffb.com>; 'bmitchell@labaton.com'
<bmitchell@labaton.com>; Dan Drosman <DanD@rgrdlaw.com>; David Rosenfeld
<drosenfeld@rgrdlaw.com>; Robert Rothman <rrothman@rgrdlaw.com>;
'amarconi@fennemorelaw.com' <amarconi@fennemorelaw.com>; Clubok, Andrew (DC)
<Andrew.Clubok@lw.com>; Gebicke, Ashley (SD) <Ashley.Gebicke@lw.com>;
'dnorthup@fennemorelaw.com' <dnorthup@fennemorelaw.com>; Word, Christian (DC)
<Christian.Word@LW.com>; Hammel, Jeff (NY) <Jeff.Hammel@lw.com>; Kariyawasam, Kalana (NY)
Case 2:22-cv-02126-MTL     Document 364-12     Filed 04/27/26     Page 3 of 3

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