NEW YORK, NY / ACCESSWIRE / October 5, 2023 / Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Driven Brands Holdings Inc. ("Driven Brands") common stock (NASDAQ:DRVN).
Driven Brands held its initial public offering in January 2021 and sold 36.59 million shares at $22.00 per share.
Before the market opened on August 2, 2023, Driven Brands announced weak second quarter 2023 results, issued weaker than expected third quarter 2023 guidance, and lowered full year 2023 guidance. During the earnings call, Driven Brands' management blamed its weak financial performance on 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.
Investors who have lost over $25,000 trading in Driven Brands' common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or [email protected].
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper's reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm's website at www.wolfpopper.com.
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Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: [email protected]
SOURCE: Wolf Popper LLP