Driven Brands (US:DRVN) Prnewswire·2026-03-14 23:10Core Viewpoint - A securities fraud class action lawsuit has been filed against Driven Brands Holdings Inc. for alleged material misstatements and omissions regarding the company's accounting practices and internal controls over financial reporting during the class period from May 9, 2023, to 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 name Clark v. Driven Brands Holdings Inc., with a deadline for investors to seek lead plaintiff status by May 8, 2026 [2][4][7]. - Allegations include errors in lease recording affecting right of use assets and liabilities, misstatements in cash balances and operating cash flows, and improper presentation of expenses, among others [4][5]. Group 2: Financial Impact - Driven Brands announced on February 25, 2026, that it would restate its financial statements for fiscal years 2023 and 2024, leading to a stock price drop of $5.01 per share, or nearly 40%, from $16.61 to $11.60 [5]. Group 3: Investor Actions - Investors who purchased Driven Brands common stock and incurred losses are encouraged to contact Kessler Topaz Meltzer & Check, LLP for recovery options at no cost [3][7]. - Investors may seek to be appointed as lead plaintiff representatives or choose to remain absent class members, with the lead plaintiff acting on behalf of all class members [8].