Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Driven Brands Holdings, Inc. (“Driven Brands” or the “Company”) (NASDAQ: DRVN) on behalf of Driven Brands stockholders. Our investigation concerns whether Driven Brands has violated the federal securities laws and/or engaged in other unlawful business practices.
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In 2015, the consumer brands and franchise focused private equity fund Roark Capital Group acquired Driven Brands which owned MAACO, Meineke Car Care Centers, and other automotive after-market companies. Roark acquired other businesses and brought them into Driven Brands and then took Driven Brands public in January 2021. In 2022, Driven Brands bought two companies in the auto glass service market, making it the second largest player in the U.S.
Before the market opened on August 2, 2023, Driven Brands announced weak second quarter 2023 results and issued weaker than expected third quarter 2023 guidance and lowered full year 2023 guidance. During the earnings call, management blamed increased competition in the car wash business over the prior two years. In addition, management said it is now "a few quarters behind" integrating the two auto glass acquisitions.
On this news, Driven Brands' stock price collapsed $10.63 per share to $15.20, a drop of 41.2% on very heavy volume.
If you purchased or otherwise acquired Driven Brands shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
