Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Western District of North Carolina against Driven Brands Holdings Inc.

Upcoming Lead Plaintiff Deadline is February 20, 2024

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP  ("Wolf Haldenstein") reminds investors that a federal securities class action has been filed against Driven Brands Holdings Inc. ("Driven" or "the Company") (NASDAQ:DRVN) and certain of its officers on behalf of stockholders who purchased common stock between October 27, 2021 and August 1, 2023, inclusive (the "Class Period").

All investors who purchased shares and incurred losses are advised  to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than February 20, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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The filed Complaint alleges that, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions that fall into two categories:

• statements concerning Driven's ability to efficiently and effectively integrate a high volume of acquired businesses including statements related to the status of integrating its U.S. auto glass businesses; and
  
  
• statements concerning the performance and competitive position of Driven's car wash business segment. Specifically, throughout the Class Period, Defendants repeatedly touted Driven's ability to execute and integrate acquisitions as a "core strength" and assured investors that it had made "significant progress" integrating the auto glass businesses it had acquired.

The Company 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.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at [email protected].

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

SOURCE Wolf Haldenstein Adler Freeman & Herz LLP