Securities Litigation Partner James (Josh) Wilson encourages investors who have lost more than $100,000 in Driven Brands to contact him directly to discuss their options.
If you invested in Driven Brands stock or options between October 27, 2021 and August 1, 2023 and suffered a loss of more than $100,000. If you would like to discuss your legal rights, please call Faruqi and Faruqi Partners. josh wilson direct in 877-247-4292 or 212-983-9330 (extension 1310). You can also click here for additional information. www.faruqilaw.com/DRVN.
There is no cost or obligation to you.
New York, New York–(Newsfile Corp. – February 20, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is a subsidiary of Driven Brands Holdings Inc. (“Driven Brands” or the “Company”). is investigating potential claims against. (NASDAQ: DRVN) and reminds investors that he has a February 20, 2024 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the company.
Faruqi & Faruqi is a leading, women-owned, minority national securities law firm with offices in New York, Pennsylvania, California, and Georgia.
As detailed below, the complaint alleges that the Company and its officers violated federal securities laws by making false and/or misleading statements and/or failing to disclose: claims. Businesses that include descriptions of the integration status of the U.S. auto glass business. (2) Statements regarding the performance and competitiveness of Driven Brands' car wash business segment. Specifically, throughout the litigation period, the defendants repeatedly touted Driven Brands' ability to execute and integrate acquisitions as a “core strength” and that they had made “significant progress” in integrating the acquired auto glass business. I insured the house. The company also stated that its large-scale car wash operations will serve as a “competitive moat” to maintain Driven Brands' competitive position. Driven Brands acknowledged some “softness” in customer demand for its car wash division, but the company downplayed the issue and pointed investors to growth in car wash subscriptions, which Driven said He called it the “holy grail” of the car wash business.
The truth is that on May 8, 2023, Driven Brands announced that on May 4, 2023, Defendant Tiffany L. Mason (“Mason”), the Company's former Chief Financial Officer, abruptly resigned from the Company under unusual circumstances. Things started to become clear after I revealed that. Mason's departure comes just one day after Driven reported financial results for the first quarter of 2023.
Then, on August 2, 2023, Driven Brands reported second-quarter 2023 earnings, which included disappointing results from its Paint, Collision and Glass business and Car Wash. As for its auto glass business, the company acknowledged that the integration of acquired businesses had been delayed by at least “several quarters.” Additionally, regarding Driven Brands' car wash segment, the company disclosed that increased exposure to “increased competition” is negatively impacting demand from Driven Brands' high-margin retail car wash customers. Delays in the integration of Driven Brands' acquired auto glass business and weak performance in its car wash business resulted in the company cutting its full-year 2023 profit outlook despite reaffirming his 2023 earnings forecast just over two months ago. Did. .
As a result, on August 2, 2023, these disclosures caused the price of Driven Brands common stock to decrease by $10.63 per share, or 41%.
A court-appointed lead plaintiff is the investor with the greatest economic interest in the relief sought by the class and is an appropriate and typical class member to direct and oversee the litigation on behalf of the class. Any member of the putative class may petition the court to serve as lead plaintiff through an attorney of his or her choice, or may elect to take no action and remain an absent class member. . Your ability to participate in the recovery is not affected by your decision to become a lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Driven Brands' conduct, including whistleblowers, former employees and shareholders, to contact the company.
Lawyer advertisement. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Previous results do not guarantee or predict similar results with respect to future matters. We welcome the opportunity to discuss your specific case. All communications will be treated as confidential.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198611.
