DRVN - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Driven Maison Solutions and Dada and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Jan. 27, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Driven Brands Holdings, Inc. (NASDAQ:DRVN), Maison Solutions Inc. (NASDAQ:MSS), and Dada Nexus Ltd. ADR (NASDAQ:DADA). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Driven Brands Holdings, Inc. (NASDAQ:DRVN)
Class Period: October 27, 2021 - August 1, 2023 (Common Stock Only)
Lead Plaintiff Deadline: February 20, 2024
Driven is the largest automotive services company in North America. Through its portfolio of brands, Driven provides customers with a range of automotive needs, including paint, collision, glass, oil change, maintenance, and car wash. Those brands include, among others: Take 5 Oil Change®, Take 5 Car Wash®, Meineke Car Care Centers®, MAACO®, CARSTAR ®, 1-800-Radiator & A/C ®, and Auto Glass Now®. The Company operates through four reportable business segments: Maintenance; Car Wash; Paint, Collision and Glass; and Platform Services.
Driven's acquisition of existing businesses in the automotive services industry, and its integration of those businesses, has been a core component of the Company's growth strategy. Over the last several years, Driven expanded its operations to offer car washes and extended its reach in the auto glass market. In August 2020, Driven acquired International Car Wash Group, the world's largest car wash company by location count. In late December 2021, Driven acquired Auto Glass Now, through which Driven expanded its auto glass business into the U.S. market. Through a series of subsequent acquisitions, Driven quickly became the second-largest auto glass repair business in North America.
The complaint alleges that, throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions that fall into two categories: (i) statements concerning Driven's ability to efficiently and effectively integrate a high volume of acquired businesses, including statements related to the status of integrating its U.S. auto glass businesses; and (ii) statements concerning the performance and competitive position of Driven's car wash business segment. Specifically, throughout the Class Period, Defendants repeatedly touted Driven's ability to execute and integrate ...