Press release
Investigation announced for Investors in shares of Driven Brands Holdings Inc. (NASDAQ: DRVN) over possible Violations of Securities Laws
An investigation for investors in Driven Brands Holdings Inc. (NASDAQ: DRVN) shares over potential securities laws violations.
Investors who purchased shares of Driven Brands Holdings Inc. (NASDAQ: DRVN), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Driven Brands Holdings Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Charlotte, NC based Driven Brands Holdings Inc. provides automotive services to retail and commercial customers in North America and internationally.
Driven Brands Holdings Inc. reported that its annual Total Revenue rose from $600.27 million in 2019 to $904.2 million in 2020, and that its Net Income of $7.73 million in 2019 turned into a Net Loss of $4.19 million in 2020.
Driven Brands Holdings Inc. held its initial public offering in January 2021 and sold 36.59 million shares at $22.00 per share.
Before the market opened on August 2, 2023, Driven Brands Holdings Inc. announced its second quarter 2023 results, issued weaker than expected third quarter 2023 guidance, and lowered full year 2023 guidance. During the earnings call, Driven Brands' management blamed its financial performance on 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.
Shares of Driven Brands Holdings Inc. (NASDAQ: DRVN) declined to as low as $11.06 per share on October 12, 2023.
Those who purchased shares of Driven Brands Holdings Inc. (NASDAQ: DRVN) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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