PR Newswire
NEW YORK, Jan. 14, 2024
NEW YORK, Jan. 14, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Driven Brands Holdings Inc. ("Driven" or the "Company") (NASDAQ: DRVN). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Driven and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 8, 2023, Driven announced that, on May 4, 2023, the Company's former Chief Financial Officer, Tiffany L. Mason ("Mason"), abruptly and inexplicably left the Company, just one day after Driven reported its financial results for the first quarter of 2023 and Mason participated in the Company's corresponding earnings call. In the wake of Mason's abrupt departure, Driven reaffirmed its financial guidance for fiscal 2023.
Then, on August 2, 2023, Driven reported earnings for the second quarter of 2023 that missed expectations, including disappointing results for both its Paint, Collision and Glass and Car Wash business segments. The Company also slashed its earnings guidance for fiscal 2023. Driven attributed its earnings miss and guidance cut to delays in the integration of its acquired auto glass businesses and increased exposure to "intensified competitive intrusion" in its Car Wash segment, which negatively impacted consumer demand and the Company's margins.
On this news, Driven's stock price fell $10.63 per share, or 41%, to close at $15.20 per share on August 2, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
