Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Driven Brands Holdings Inc. (NASDAQ: DRVN) securities.
If you suffered a loss on your Driven investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Oct 27 2021 - Aug 01 2023
CASE DETAILS: According to the filed complaint, defendants repeatedly touted Driven’s ability to execute and integrate acquisitions as a “core strength,” and assured investors that the Company had made “significant progress” integrating the auto glass businesses it had acquired. Driven also represented that the large scale of its car wash business served as a “competitive moat” that would preserve Driven’s competitive position. While Driven acknowledged some “softness” in customer demand for its car wash business segment, the Company downplayed that issue and pointed investors to the growth of its car wash subscriptions, which Driven labeled as the “Holy Grail” in the car wash business.
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