If you suffered losses Driven Brands stock, contact Driven Branks stock loss lawyer Timothy L. Miles about a Driven Brands class action lawsuit
INTRODUCTION TO THE DRIVEN BRANDS CLASS ACTION LAWSUIT![]()
The Driven Brands class action lawsuit seeks to represent purchasers of Driven Brands Holdings Inc. (NASDAQ: DRVN) common stock between October 27, 2021 and August 1, 2023, inclusive (the “Class Period”). Captioned Genesee County Employees’ Retirement System v. Driven Brands Holdings Inc., No. 23-cv-00895 (W.D.N.C.), the Driven Brands class action lawsuit charges Driven Brands and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Driven Brands stock and wish to serve as lead plaintiff in the Driven Brands class action lawsuit, or just have general questions about your rights as a shareholder, please contact Driven Brands Stock Loss Lawyer Timothy L. Miles at no charge by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the Driven Brands class action lawsuit must be filed with the court no later than February 20, 2024. Read on for answers to six frequently asked questions by investors about the Driven Brands class action lawsuit. what are the ALLEGATIONS IN THE DRIVEN BRANDS CLASS ACTION LAWSUIT?
Driven Brands provides customers with a range of automotive needs, including paint, collision, glass, oil change, maintenance, and car wash.
The Driven Brands class action lawsuit alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that Driven Brands was at least “several quarters” behind on integrating the auto glass business it had acquired and Driven Brands’ car wash business was more exposed to the negative impacts from a decline in demand from retail customers than it represented to investors. The Driven Brands class action lawsuit further alleges that on August 2, 2023, Driven Brands announced disappointing financial results for the second quarter of 2023 for both its auto glass and car wash business segments and slashed its full-year guidance for fiscal year 2023. On this news, Driven Brands common stock fell more than 41%, according to the complaint. WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE DRIVEN BRANDS CLASS ACTION LAWSUIT?
When a securities class action is filed such as the Driven Brands class action lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Driven Brands class action lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
WHAT IS A SECURTIES FRAUD CLASS ACTION SUCH AS THE DRIVEN BRANDS CLASS ACTION LAWSUIT?
A securities fraud class action refers to a legal action taken by a group of investors who have suffered financial losses as a result of fraudulent activities committed by a company or its executives. This type of lawsuit is typically filed when a company misrepresents or withholds important information from investors, leading to a decline in the value of their investments. The purpose of a securities fraud class action is to seek compensation for the affected investors and hold the company accountable for its fraudulent practices. Securities fraud class actions are governed by the Private Securities Litigation Reform Act (PSLRA).
One notable securities fraud class action lawsuit is the Driven Brands class action lawsuit. In this case, investors who purchased Driven Brands securities alleged that the company made false and misleading statements and misled investors, and when the truth was ultimately disclosed, they suffered losses from purchasing shares that had been artificially inflated by the false and misleading information. Securities fraud class actions are typically initiated by a lead plaintiff or a group of lead plaintiffs who represent the interests of all the affected investors. The lead plaintiff is often an institutional investor or a large shareholder who has suffered substantial losses and possesses the resources and expertise to effectively pursue the lawsuit on behalf of the class. The lead plaintiff's role is crucial in coordinating with legal counsel, gathering evidence, and making strategic decisions throughout the litigation process. To proceed with a securities fraud class action, the lead plaintiff must demonstrate that there is a common issue of law or fact among the members of the class and that a class action is the most efficient and appropriate method for resolving their claims. If these requirements are met, the court will certify the lawsuit as a class action, allowing all eligible investors to participate in the litigation and share in any potential recovery. Once certified, the securities fraud class action typically goes through several stages, including discovery, where both parties exchange relevant documents and information, and motion practice, where each side presents legal arguments to the court. If the case does not settle during these stages, it may proceed to trial, where a jury or judge will determine liability and damages. In securities fraud class actions, the defendants are usually the company accused of fraud and its executives who were involved in the fraudulent activities. The lead plaintiff seeks damages on behalf of all class members, which may include compensation for their financial losses, interest, attorneys' fees, and other costs incurred throughout the litigation process. In conclusion, a securities fraud class action is a legal mechanism used by investors to seek compensation for financial losses resulting from fraudulent activities committed by a company. The Driven Brands class action lawsuit serves as an example of how investors can hold companies accountable for their alleged misrepresentations and omissions. These lawsuits play an essential role in protecting investor rights and promoting transparency in the financial markets. WHAT DO THE PLAINTIFFS HAVE TO PROVE TO PREVAIL IN THE DRIVEN BRANDS CLASS ACTION LAWSUIT?
To understand the basis of the Driven Brands class action lawsuit, it is essential to grasp the key elements of securities fraud actions. The majority of securities fraud claims are brought under Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5. To prevail in a Rule 10b-5 action, a plaintiff must establish six elements:
CAN A NON-U.S. INVESTOR SERVE AS LEAD PLAINTIFF IN THE DRIVEN BRANDS LAWSUIT IF THEY SUFFERED LOSSES IN DRIVEN BRANDS STOCK?
Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in Driven Brands, they may move the Court to be appointed lead plaintiff in the Driven Brands lawsuit.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE DRIVEN BRANDS LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Driven Brands lawsuit. Some of the responsibilities of the Lead Plaintiff in the Driven Brands lawsuit include:
CONTACT A DRIVEN BRANDS STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN DRIVEN BRANDS STOCK ABOUT A DRIVEN BRANDS CLASS ACTION LAWSUIT
If you suffered losses in Driven Brands stock, contact Driven Brands stock loss lawyer Timothy L. Miles today for a free case evaluation about a Driven Brands class action lawsuit. Call today and see what a Driven Brands stock loss lawyer could do for you if you suffered losses in Driven Brands stock. The call is free and so is the fee unless we will or settle your case.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center 300 Centerview Dr., #247 Brentwood, TN 37027 Phone: (855) 846–6529 Email: [email protected] Driven Brands stock loss lawyer Timothy L. MilesNashville attorneyTimothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles’ relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association,Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America’s Most Honored Lawyers 2020 – Top 1% by America’s Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime. Comments are closed.
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