an authoritative synopsis of the lead plaintiff process in the driven brands lawsuit

If you suffered losses Driven Brands stock, contact Driven Branks stock loss lawyer Timothy L. Miles about a Driven Brands lawsuit

INTRODUCTION TO THE DRIVEN BRANDS lawsuit

Contact us for a free case evaluation in the Driven Brands lawsuit

The Driven Brands 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 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 lawsuit, please contact Driven Brands Stock Loss Lawyer Timothy L. Miles 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 lawsuit must be filed with the court no later than January 16, 2024.

Read on to learn everything you need to know about the lead plaintiff process in the Driven Brands lawsuit.

---

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 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 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.

THE LEAD PLAINTIFF PROCESS IN THE DRIVEN BRANDS LAWSUIT

​The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Driven Brands stock to seek appointment as lead plaintiff in the Driven Brands lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. 
​
​A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Driven Brands stock and have further questions, contact Driven Brands​​ stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in a Driven Brands lawsuit.

THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE DRIVEN BRANDS LAWSUIT

Serving as a Lead Plaintiff in the Driven Brands lawsuit has several advantages and important benefits including:

• A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
• Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
• There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred in the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
• Lead Plaintiff has the benefit of being involved and active in all negotiations relating to any settlement.
• Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reform resulting from the litigation. 

Thus, there are numerous benefits and other advantages to serving as lead plaintiff in the Driven Brands lawsuit if you suffered losses in Driven Brands stock. 

the RESPONSIBILITIES THE LEAD PLAINTIFF will 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:

• Selecting, monitoring, and overseeing Lead Counsel.
• Reviewing and commenting on court filings on behalf of the class.
• Discussing litigation strategies with the Lead Counsel.
• Attending depositions (if necessary) and giving a deposition.
• Attending hearings (if necessary).
• Participating in mediation and the trial (if necessary).
• Provide input on any decision concerning the settlement of the securities class action.

THE CLASS PERIOD DETERMInation IN THE DRIVEN BRANDS LAWSUIT

In a securities fraud class action, the class period refers to a period in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives.  The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading.  The class period ends when the truth is revealed to the investing public through a corrective disclosure.  
 
In order to be a part of the class in the Driven Brands lawsuit, you must have suffered losses in Driven Brands stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the Driven Brands lawsuit​. ​

A NON-U.S. INVESTOR may 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​. 

you cannot BE APPOINTED LEAD PLAINTIFF IN THE DRIVEN BRAnds LAWSUIT IF I PURCHASED SHARES OUTSIDE OF THE CLASS PERIOD

No.  Even if you suffered losses in Driven Brands​ stock, if you purchased securities outside of the Class period, you will not be able to participate in the Driven Brands lawsuit.​

THE LEAD PLAINTIFFS will not GET MORE MONEY THAN CLASS MEMBERS IF THE DRIVEN BRANDS LAWSUIT SETTLES

No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Driven Brands lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class.  However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Driven Brands lawsuit on behalf of investors who suffered losses in Driven Brands stock. ​

THE COURT may APPOINT MORE THAN ONE LEAD PLAINTIFF IN THE DRIVEN BRANDS LAWSUIT

​​Yes, at its discretion the Court may appoint a person, entity, or group of persons and/or entities as Lead Plaintiffs to oversee the Driven Brands lawsuit.

you can sell your stock and still be a member of the class in the driven brands lawsuit

​There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Driven Brands lawsuit.

what if you miss the lead plaintiff deadline in the Driven Brands lawsuit?

​​​If you purchased shares during the class period and suffered losses in suffered losses in Driven Brands stock, then you will automatically be a class member and entitled to share in any potential settlement or recovery.  Your ability to be a class member and recover your losses is not dependent on you serving as a lead plaintiff. The sixty-day deadline applies only to those shareholders seeking to be a lead plaintiff in the Driven Brands lawsuit.

THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING yourSELF IN THE DRIVEN ACTION LAWSUIT

​Objecting is telling the Court you do not believe the settlement in the Driven Brands lawsuit, or some part of it, is fair or reasonable.  You can file an objection only if you stay in the Class and do not exclude yourself, and you may submit a Claim Form even if you object to the settlement.  On the other hand, requesting exclusion is explicitly telling the Court you do not want to be part of the Class or the Settlement in the class action against Driven Brands. If you exclude yourself, you cannot object to the Settlement because you no longer have standing as you are not a class member anymore. Similarly, you cannot submit a Claim Form. If you stay in the Class and object, but your objection is overruled, you will not be allowed a second opportunity to exclude yourself.

CONTACT A DRIVEN BRANDS STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN DRIVEN BRANDS STOCK ABOUT A DRIVEN BRANDS 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 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. 855-TIM-M-LAW (855-846-6529).

Driven Brands stock loss lawyer Timothy L. Miles 

Nashville attorney Timothy 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 ofthe 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); Americas Most Honored Lawyers 2020 â€“ 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.

CONTACT                                                      
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
​300 Centerview Dr., #247
Brentwood, TN 37027
​​Phone: (855) 846-6529