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Driven Brands Investors: February 20, 2024 Filing Deadline in Securities Class Action – Contact Lieff Cabraser

Published: 2024-02-12 14:00:00 ET

SAN FRANCISCO, CA / ACCESSWIRE / February 12, 2024 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Driven Brands Holdings Inc. ("Driven" or the "Company") (NASDAQ:DRVN) who suffered losses from purchasing or otherwise acquiring DRVN common stock between October 27, 2021 and August 1, 2023, inclusive (the "Class Period"), to contact us immediately regarding a pending securities fraud class action against Driven. The deadline to apply to be lead plaintiff is February 20, 2024.

Class Period:October 27, 2021 - August 1, 2023Lead Plaintiff Motion Deadline:February 20, 2024Case information:lieffcabraser.com/securities/driven-brandsContact us: Email or text investorinfo@lchb.com or call 1-800-541-7358

Driven is one of the largest automotive service companies in North America, with four primary business segments: maintenance; car wash; paint, collision and glass; and platform services.

The securities class action alleges that, during the Class Period, Driven and certain of its current and former executives misrepresented and failed to disclose to investors the Company's true economic performance, including that its car wash business segment was underperforming and that it could not effectively integrate acquired businesses in its glass segment. These misrepresentations artificially inflated the price of Driven common stock during the Class Period.

On August 2, 2023, Driven announced lower than expected financial results for both its car wash and its paint, collision and glass business segments for the second quarter of 2023, causing the Company to slash its full-year guidance for FY 2023 after reaffirming that guidance to investors just three months earlier. On this news, the price of DRVN stock declined $10.63 per share, or 41.15%, from its closing price of $25.83 per share on August 1, 2023, to close at $15.20 per share on August 2, 2023, on extraordinarily high trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.

Contact:

Sharon LeeLieff Cabraser Heimann & Bernstein, LLP415 956-1000slee@lchb.com

SOURCE: Lieff Cabraser Heimann & Bernstein, LLP

View the original press release on accesswire.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.