NEW ORLEANS–(BUSINESS WIRE)–Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 20, 2024 to file lead plaintiff applications in a securities class action lawsuit against Driven Brands Holdings Inc. (NasdaqGS: DRVN), if they purchased the Company’s shares between October 27, 2021, and August 1, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of North Carolina.
What You May Do
If you purchased shares of Driven Brands and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-drvn/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by February 20, 2024.
About the Lawsuit
Driven Brands and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 2, 2023, the Company disclosed 2Q2023 earnings that missed expectations, including disappointing results for its Glass business segment, that was at least “several quarters” behind on its integration of the businesses it had acquired, its Car Wash segment that suffered from increased exposure to “intensified competitive intrusion” that negatively impacted demand, as well as its Paint and Collision segments. As a result of delays in its integration of its acquired auto glass businesses and the faltering performance of its car wash businesses, the Company slashed its full-year earnings guidance for fiscal 2023, despite recent affirmations of the same.
On this news, shares of Driven fell $10.63 per share, or 41%.
The case is Genesee County Employees’ Retirement System v. Driven Brands Holdings Inc., 23-cv-00895.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850