Exhibit 5 — In re Carvana Securities

Summary

Exhibit 5, Doc. 364-5, filed April 27, 2026, in In re Carvana Co. Securities Litigation in the United States District Court for the District of Arizona; Case No. 2:22-cv-02126-MTL. It contains two emails dated February 12, 2026. In the top email, Natalie R. Salazar of Latham & Watkins LLP writes to counsel that an initial privilege log is attached, and that Carvana reserves the right to amend and supplement it and will provide additional logs on a rolling basis. In the earlier email, Sarah Fallon writes that Plaintiffs have not received additional privilege logs, that Plaintiffs cannot schedule any depositions without reviewing the corresponding log entries, and asks for confirmation that rolling privilege logs will begin immediately.

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EXHIBIT 5 
Case 2:22-cv-02126-MTL     Document 364-5     Filed 04/27/26     Page 1 of 2

1
Sarah Fallon
From:
Natalie.Salazar@lw.com
Sent:
Thursday, February 12, 2026 10:03 PM
To:
Sarah Fallon; Christian.Word@LW.com; Tor Gronborg; Matthew.Peters@lw.com; 
Kalana.Kariyawasam@lw.com; Meryn.Grant@lw.com
Cc:
Erika Oliver; Dan Drosman; Rachel Cocalis; Jeff.Hammel@lw.com; Mathew Andrews; 
Scott Dion; John Eastly
Subject:
RE: Carvana
Attachments:
2026.02.12 Carvana Defendants Categorical Privilege Log.xlsx
EXTERNAL SENDER  
Counsel,  
Attached is an initial privilege log which reflects responsive documents and communications that are protected in whole 
or in part by the attorney-client privilege or attorney work product doctrine. Carvana reserves the right to amend and 
supplement the privilege log and will provide additional logs on a rolling basis.  
Thank you, 
Natalie R. Salazar 
Pronouns: She/Her/Hers 
LATHAM & WATKINS LLP 
330 North Wabash Avenue, Suite 2800 
Chicago, IL 60611 
Direct Dial: +1.312.777.7106 
Email: natalie.salazar@lw.com 
https://www.lw.com 
From: Sarah Fallon <SFallon@rgrdlaw.com>  
Sent: Thursday, February 12, 2026 10:07 AM 
To: Word, Christian (DC) <Christian.Word@LW.com>; Tor Gronborg <TorG@rgrdlaw.com>; Peters, Matthew (DC) 
<Matthew.Peters@lw.com>; Kariyawasam, Kalana (NY) <Kalana.Kariyawasam@lw.com> 
Cc: Erika Oliver <EOliver@rgrdlaw.com>; Dan Drosman <DanD@rgrdlaw.com>; Salazar, Natalie (CH) 
<Natalie.Salazar@lw.com>; Rachel Cocalis <RCocalis@rgrdlaw.com>; Hammel, Jeff (NY) <Jeff.Hammel@lw.com>; 
Mathew Andrews <MAndrews@rgrdlaw.com>; Scott Dion <SDion@rgrdlaw.com> 
Subject: RE: Carvana 
Christian, 
We have still not received any additional privilege logs from the Carvana Defendants. As Plaintiffs have explained, the 
production of these logs cannot be put off any longer. For example, Plaintiffs cannot schedule any depositions without 
having the opportunity to review all corresponding privilege log entries for a given deponent. Given that you have 
estimated a 102,372-entry log, Plaintiffs will need a substantial amount of time to review its entries. Please confirm that 
you will immediately begin providing rolling privilege logs. Barring that confirmation, we will promptly seek relief from 
the Court.  
Thanks, 
Sarah 
Case 2:22-cv-02126-MTL     Document 364-5     Filed 04/27/26     Page 2 of 2

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