LOVE - Bragar Eagel & Squire P.C. Is Investigating Driven Brands Blink and Lovesac and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Sept. 01, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Driven Brands Holdings, Inc. (NASDAQ:DRVN), Blink Charging Co. (NASDAQ:BLNK), and Lovesac Company (NASDAQ:LOVE). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Driven Brands Holdings, Inc. (NASDAQ:DRVN)
In 2015, the consumer brands and franchise focused private equity fund Roark Capital Group acquired Driven Brands which owned MAACO, Meineke Car Care Centers, and other automotive after-market companies. Roark acquired other businesses and brought them into Driven Brands and then took Driven Brands public in January 2021. In 2022, Driven Brands bought two companies in the auto glass service market, making it the second largest player in the U.S.
Before the market opened on August 2, 2023, Driven Brands announced weak second quarter 2023 results and issued weaker than expected third quarter 2023 guidance and lowered full year 2023 guidance. During the earnings call, management blamed increased competition in the car wash business over the prior two years. In addition, management said it is now "a few quarters behind" integrating the two auto glass acquisitions.
On this news, Driven Brands' stock price collapsed $10.63 per share to $15.20, a drop of 41.2% on very heavy volume.
For more information on the Driven Brands investigation go to: https://bespc.com/cases/DRVN
Blink Charging Co. (NASDAQ:BLNK)
On August 9, 2023, Blink disclosed that it received a subpoena from the Securities and Exchange Commission ...