NEW ORLEANS, Feb. 13, 2024 (GLOBE NEWSWIRE) -- 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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ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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