Driven Brands Holdings Inc.
|Company Name||Driven Brands Holdings Inc.|
On August 2, 2023, Driven Brands 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 Brands disclosed that it is “a few quarters behind” in integrating two auto glass acquisitions.
On this news, Driven Brand’s stock price fell $10.63, or 41.2%, to close at $15.20 per share on August 2, 2023, thereby injuring investors.
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