Piper Sandler downgraded Driven Brands (NASDAQ:DRVN) from an Overweight to a Neutral rating, with the stock priced at $11.60.The company announced material errors in its financial statements for 2023 and 2024, leading to a 35% stock decline.Driven Brands will restate its financials for the past two years and delay its Q4 2025 results due to issues with lease recording, expense misclassification, and cash account discrepancies.Driven Brands (NASDAQ:DRVN) is a prominent player in the automotive service indust ...

Driven Brands (NASDAQ: DRVN) stock, the holding company that runs such well-known automotive services brands as MAACO, Meineke Car Care, Take 5 Oil Change, and Auto Glass Now, tumbled 35% through 10:40 a.m. ET Wednesday morning after filing notice with the SEC that "there were material errors in our previously issued consolidated financial statements for the fiscal year ended December 28, 2024 ... and the fiscal year ended December 30, 2023." Errors range from "the completeness and accuracy of recording l ...