Driven Brands Holdings Inc. leadership concealed issues with its car wash segment’s performance and its acquisition of auto glass companies for nearly two years before a record stock drop, a shareholder lawsuit said.
Share prices plummeted more than 41% on Aug. 2, 2023, after Driven slashed its full-year revenue guidance given the glass segment’s integration delays and customer losses in the wash segment, a stockholder told the US District Court for the Western District of North Carolina. It was the stock’s greatest single-day fall at that time since its 2021 market debut, according to data compiled by Bloomberg.
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