DRVN - DRIVEN ALERT: Bragar Eagel & Squire P.C. is Investigating Driven Brands Holdings Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, Feb. 21, 2024 (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) on behalf of long-term stockholders following a class action complaint that was filed against Driven on December 22, 2023 with a Class Period from October 27, 2021 to August 1, 2023. Our investigation concerns whether the board of directors of Driven have breached their fiduciary duties to the company.
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 ...