Driven Brands Holdings Inc.
| Company Name | Driven Brands Holdings Inc. |
| Stock Symbol | DRVN |
| Class Period | October 27, 2021 to August 01, 2023 |
| Lead Plaintiff Motion Deadline | February 20, 2024 |
On August 2, 2023, Driven announced disappointing financial results for the second quarter of 2023 and lowered its full year 2023 guidance. The Company claimed that increased competition in the car wash business was to blame. Additionally, Driven disclosed that it was behind in integrating two auto glass acquisitions.
On this news, Driven Brands’ stock price fell $10.63, or 41.2%, to close at $15.20 per share on August 2, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Driven was “several quarters” behind on integrating its auto glass businesses; (2) the Company’s car wash business was faltering and more exposed to a decline in demand from retail customers than it represented to investors; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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