Driven Brands (US:DRVN) Globenewswire·2026-03-13 13:26Core Viewpoint - A securities fraud class action lawsuit has been filed against Driven Brands Holdings Inc. for allegedly making materially false and misleading statements regarding its financial reporting and internal controls, impacting investors who purchased shares between May 9, 2023, and February 24, 2026 [2][4][7]. Group 1: Lawsuit Details - The lawsuit is filed in the United States District Court for the Southern District of New York, under the case caption Clark v. Driven Brands Holdings Inc., et al, Case No. 1:26-cv-01902 (S.D.N.Y.) [2][4]. - Investors have until May 8, 2026, to file for lead plaintiff status [2][7]. - The complaint alleges that Driven Brands misrepresented financial data, including errors in lease recording, cash balances, and revenue recognition, leading to significant overstatements of cash and revenue [4][5]. Group 2: Financial Impact - On February 25, 2026, Driven Brands announced it would restate its financial statements for fiscal years 2023 and 2024, resulting in a stock price drop of $5.01 per share, or nearly 40%, from $16.61 to $11.60 [5]. - The company disclosed material weaknesses in its internal controls over financial reporting, which contributed to the need for restatement [5]. Group 3: Investor Actions - Investors who have lost money on their investment in Driven Brands are encouraged to contact Kessler Topaz Meltzer & Check, LLP for recovery options at no cost [3][9]. - Investors may seek to be appointed as a lead plaintiff representative of the class or choose to remain an absent class member [8][12].