Driven Brands (US:DRVN) Globenewswire·2026-03-11 13:30Core Viewpoint - A class action lawsuit has been filed against Driven Brands Holdings Inc. due to the company's announcement of financial statement restatements, which led to a significant drop in stock price [1][2]. Group 1: Company Overview - Driven Brands Holdings Inc. is a holding company for various automotive aftermarket services, including Take 5 Oil Change, Meineke Car Care Centers, Maaco, and Auto Glass Now [1]. - The company has acknowledged material weaknesses in its internal control over financial reporting [2]. Group 2: Financial Issues - Driven Brands announced that its financial statements for fiscal years 2023 and 2024, as well as quarterly financial statements for 2025, could not be relied upon and would need to be restated [2]. - The restatement was attributed to a range of errors that resulted in the overstatement of cash and revenue while understating expenses for fiscal years 2023 and 2024 [2]. Group 3: Stock Performance - Following the announcement of the financial restatement, Driven Brands' stock price fell by 40%, from $16.61 per share on February 24, 2026, to $9.99 per share on February 25, 2026 [2]. Group 4: Legal Action - Investors who purchased Driven Brands' stock during the class period (May 9, 2023, to February 24, 2026) and sustained losses are encouraged to participate in the class action lawsuit [3]. - The deadline for investors to submit a motion to be appointed as lead plaintiff is May 8, 2026 [3]. Group 5: Law Firm Background - Barrack, Rodos & Bacine has over four decades of experience in prosecuting securities law class actions, achieving significant recoveries for investors in past cases [4]. - The firm has secured some of the largest recoveries in U.S. history, including $6.19 billion for WorldCom investors and $3.32 billion for Cendant investors [4].