DRVN - Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Driven Brands Holdings Inc. (DRVN) | Benzinga

NEW YORK, Dec. 26, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Driven Brands Holdings Inc. ("Driven" or the "Company") (NASDAQ:DRVN) securities between October 27, 2021 and August 1, 2023, inclusive (the "Class Period"). The lawsuit seeks to recover damages for the Company's investors under the federal securities laws.

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, the Complaint alleges that throughout the Class Period, Defendants repeatedly touted Driven's ability to execute and integrate acquisitions as a "core strength," and assured investors that it had made "significant progress" integrating the auto glass businesses it had acquired. The Complaint also alleges that ...

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