NEW ORLEANS, Jan. 12, 2024 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until February 20, 2024 to file lead plaintiff applications in a securities class action lawsuit against Driven Brands Holdings Inc. (NasdaqGS: DRVN), if they purchased the Company’s shares between October 27, 2021, and August 1, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of North Carolina.
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Driven Brands investors should visit us at https://claimsfiler.com/cases/nasdaq-drvn/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Driven Brands and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 2, 2023, the Company disclosed 2Q2023 earnings that missed expectations, including disappointing results for its Glass business segment, that was at least “several quarters” behind on its integration of the businesses it had acquired, its Car Wash segment that suffered from increased exposure to “intensified competitive intrusion” that negatively impacted demand, as well as its Paint and Collision segments. As a result of delays in its integration of its acquired auto glass businesses and the faltering performance of its car wash businesses, the Company slashed its full-year earnings guidance for fiscal 2023, despite recent affirmations of the same.
On this news, shares of Driven fell $10.63 per share, or 41%.
The case is Genesee County Employees’ Retirement System v. Driven Brands Holdings Inc., 23-cv-00895.
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