Driven Brands (US:DRVN) Globenewswire·2026-03-13 16:00Core Viewpoint - A class action lawsuit has been filed against Driven Brands Holdings Inc. and certain officers for alleged violations of federal securities laws, impacting investors who acquired Driven Brands securities between May 9, 2023, and February 24, 2026 [1][2]. Summary by Sections Lawsuit Details - The lawsuit seeks to recover damages for investors who purchased Driven Brands securities during the specified class period [2]. - Allegations include materially false and misleading statements made by the defendants regarding the company's financial condition and internal controls [3]. Allegations Against Driven Brands - The complaint claims that the company's financial condition was misrepresented in inaccurate financial reports filed with the SEC from May 9, 2023, to November 5, 2025 [3]. - It is alleged that the company lacked effective internal controls over financial reporting during this period [3]. - The balance sheets reportedly included an unreconciled cash balance from 2023, leading to overstated revenue and cash for fiscal years 2023 and 2024 [3]. - Additionally, the company is accused of understating operating expenses during the same timeframe [3]. - As a result of these issues, public statements regarding the company's financial condition and internal controls were deemed materially false and misleading [3]. Next Steps for Investors - Investors wishing to join the class action have until May 8, 2026, to request appointment as lead plaintiff, although participation in any recovery does not require this role [4]. - A copy of the complaint can be reviewed on the law firm's website [4]. Legal Representation - Bronstein, Gewirtz & Grossman LLC operates on a contingency fee basis, meaning they will only seek reimbursement for expenses and fees if successful in the lawsuit [5]. - The firm has a history of recovering significant amounts for investors in securities fraud cases [6].