The complaint alleges that Driven Brands misled investors about the strength of its financial condition between May 9, 2023, and February 24, 2026. On February 25, 2026, Driven Brands announced it would delay filing its annual report on Form 10-K for Fiscal Year 2025 because there were “material errors in [Driven Brands’] previously issued financial statements” going back to 2023. Driven Brands announced that its previously issued “financial statements should not be relied upon and required restatement.” The Company revealed that, among other things, Driven Brands’ revenue and cash had been overstated. Following this revelation, the company’s share price fell nearly 40%, causing significant investor losses.
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