BENSALEM, Pa.–(BUSINESS WIRE)–Law Offices of Howard G. Smith reminds investors of the upcoming February 20, 2024 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Driven Brands Holdings Inc. (“Driven” or the “Company”) (NASDAQ: DRVN) common stock between October 27, 2021, and August 1, 2023, inclusive (the “Class Period”).
Investors suffering losses on their Driven investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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.
If you purchased or otherwise acquired Driven common stock during the Class Period, you may move the Court no later than February 20, 2024 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
