Driven Brands (US:DRVN) Globenewswire·2026-02-25 22:47Core Viewpoint - Driven Brands Holdings Inc. is facing significant scrutiny and potential legal claims following a more than 30% drop in its stock price due to the delay in its fourth-quarter financial release, which was attributed to material errors in previously issued financial statements [5]. Group 1: Company Overview - Driven Brands Holdings Inc. is an automotive services company listed on NASDAQ under the ticker DRVN [3]. - The company has been under investigation by Faruqi & Faruqi, LLP, a national securities law firm, for potential claims related to significant investor losses [3][4]. Group 2: Financial Issues - Driven Brands announced that its financial statements for the fiscal years ended December 28, 2024, and December 30, 2023, contain material errors and require restatement [5]. - Specific errors identified include issues with lease recording affecting right of use assets and liabilities, discrepancies in cash accounts leading to overstatements of cash and revenue, and overstated company-operated store expenses for fiscal years 2023 and 2024 [5]. - The company also disclosed material weaknesses in its internal control over financial reporting, indicating serious governance and operational issues [5].