Driven Brands (US:DRVN) Globenewswire·2026-03-18 22:23Core Viewpoint - A securities fraud class action lawsuit has been filed against Driven Brands Holdings Inc. for alleged material misstatements and omissions regarding its financial reporting and internal controls, affecting investors who purchased shares between May 9, 2023, and February 24, 2026 [2][4][6]. Summary by Relevant Sections 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 file for lead plaintiff status set for May 8, 2026 [2][6]. - The allegations include errors in lease recording, cash balance reporting, and misclassification of expenses, which led to overstatements of cash and revenue for fiscal years 2023 and 2024 [4][5]. Financial Impact - Driven Brands announced on February 25, 2026, that it would restate its financial statements for fiscal years 2023 and 2024, as well as for 2025, due to identified accounting errors, resulting in a stock price drop of $5.01 per share, nearly 40%, from $16.61 to $11.60 [5]. 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][6]. - Investors have the option to seek lead plaintiff status or remain as absent class members, with the lead plaintiff representing the interests of the class in the litigation [7][11]. Law Firm Background - Kessler Topaz Meltzer & Check, LLP is a recognized law firm specializing in securities fraud class actions, having recovered over $25 billion for clients and institutions [9].