NEW YORK, NY / ACCESSWIRE / August 2, 2023 / Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Driven Brands Holdings Inc. ("Driven") common stock (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 public in January 2021. In 2022, Driven 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 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's 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's common stock and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or asavett@wolfpopper.com.

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.

Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.

Wolf Popper LLP
Adam Savett
845 Third Avenue
New York, NY 10022
Tel.: (212) 451-9655
Email: asavett@wolfpopper.com

SOURCE: Wolf Popper LLP

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https://www.accesswire.com/771919/Wolf-Popper-LLP-Announces-Investigation-on-Behalf-of-Investors-in-Driven-Brands-Holdings-Inc

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