NEW YORK, NY - 
(NewMediaWire) - January 16, 2024 - Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of the common stock of Driven Brands Holdings, Inc. (“Driven Brands” or the “Company”) (NASDAQ: DRVN) between October 27, 2021 and August 1, 2023, inclusive (the “Class Period”). Click Here to Join the Action.
According to the complaint, on May 8, 2023, Driven Brands announced that on May 4, 2023 the Company’s former Chief Financial Officer, Tiffany L. Mason (“Mason”), immediately left the Company. Mason’s abrupt and unexpected departure came a few days after the Company reported its financial results for the first quarter of 2023.
Then, according to the complaint, on August 2, 2023, Driven Brands reported disappointing financial results for the second quarter of 2023 for both its Auto Glass and Car Wash business segments and slashed its full-year guidance for fiscal 2023. With respect to its Auto Glass business, the Company admitted that it was at least “several quarters” behind on its integration of the businesses it had acquired. In its Car Wash business segment, Driven Brands reported a year-over-year decline in the volume of retail customers due to heightened competition at several of the Company’s U.S. locations.
Following this news, Driven Brand’s stock price fell $10.63 per share, or 41%, to close at $15.20 per share on August 2, 2023.
If you are a member of the proposed Class, you may move the court no later than February 20, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
