Driven Brands Class Action Lawsuit: Everything You Need to Know

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

introduction

The Driven Brands class action lawsuit has gained significant attention, aiming to represent purchasers of Driven Brands Holdings Inc. (NASDAQ: DRVN) common stock between October 27, 2021, and August 1, 2023 (the "Class Period"). This article provides a comprehensive overview of the lawsuit, including the allegations, the lead plaintiff process, the responsibilities of the lead plaintiff, and the potential outcomes for class members.

Allegations in the Driven Brands Class Action Lawsuit

​Driven Brands is a company that provides customers with various automotive services, including paint, collision repair, glass repair, oil change, maintenance, and car wash. The class action lawsuit alleges that throughout the Class Period, Driven Brands and certain executive officers made false and misleading statements and failed to disclose crucial information to investors.

Specifically, the Driven Brands class action lawsuit claims that Driven Brands was significantly behind schedule in integrating its acquired auto glass business. Additionally, the lawsuit alleges that the company's car wash business was more exposed to the negative impacts of declining retail customer demand than it had represented to investors.

On August 2, 2023, Driven Brands announced disappointing financial results for the second quarter of 2023, specifically for its auto glass and car wash business segments. As a result, the company's common stock plummeted by over 41%.

Lead Plaintiff Deadline in the Driven Brands Class Action Lawsuit

If you suffered losses in Driven Brands stock and wish to serve as the lead plaintiff in the Driven Brands class action lawsuit, you must file a lead plaintiff motion with the court no later than February 20, 2024. The lead plaintiff acts as a fiduciary for the class and represents the interests of all class members.
​
To be appointed as the lead plaintiff, you must meet certain criteria, including having the greatest financial interest in the relief sought by the class and being typical and adequate of the class. The lead plaintiff plays a crucial role in overseeing the lawsuit and selecting a law firm to litigate the case.

Responsibilities of the Lead Plaintiff

​The lead plaintiff in the Driven Brands class action lawsuit has fiduciary duties to the class and must act in the best interest of the class. Some of the key responsibilities of the lead plaintiff include:

1. Selecting, monitoring, and overseeing lead counsel: The lead plaintiff has the authority to choose a law firm to represent the class and is responsible for overseeing their work.
2. Reviewing and commenting on court filings: The lead plaintiff must carefully review and provide input on important court documents filed on behalf of the class.
3. Discussing litigation strategies with lead counsel: The lead plaintiff collaborates with lead counsel to develop effective strategies for the lawsuit.
4. Attending depositions and hearings: The lead plaintiff may be required to participate in depositions and attend hearings related to the case.
5. Participating in mediation and trial: If necessary, the lead plaintiff should actively engage in mediation and may also be involved in the trial proceedings.

Potential Benefits for the Lead Plaintiff

Serving as the lead plaintiff in the Driven Brands class action lawsuit offers several advantages and benefits, including:

1. Negotiating competitive attorney fees: The lead plaintiff can actively monitor the fees charged by the lead counsel, ensuring they are reasonable and competitive.
2. Managing the litigation process: The lead plaintiff plays a significant role in overseeing and monitoring the progress of the lawsuit, ensuring the interests of the class are protected.
3. Receiving potential financial recovery: If the lawsuit is successful and leads to a settlement or judgment, the lead plaintiff and the class members may be eligible for financial compensation.
4. Influencing governance reform: Lead plaintiffs who continue to hold stock in the defendant company may have the opportunity to participate in governance reform resulting from the litigation.

How to Participate in the Driven Brands Class Action Lawsuit

If you purchased Driven Brands stock during the Class Period and suffered losses, you are automatically a member of the class in the Driven Brands lawsuit and entitled to share in any potential settlement or recovery. You do not need to take any additional action unless you wish to be considered as the lead plaintiff.

To participate as the lead plaintiff in the Driven Brands lawsuit, you must file a motion with the court no later than February 20, 2024. This motion should demonstrate that you meet the criteria for being appointed as the lead plaintiff. However, if you do not wish to be the lead plaintiff, you can still benefit from any potential settlement as a member of the class.

Securities Fraud Class Action Lawsuits: An Overview

​​A securities fraud class action lawsuit such as the Driven Brands class action lawsuit is a legal action taken by a group of investors who have suffered financial losses due to fraudulent activities committed by a company or its executives. These lawsuits are typically filed when a company misrepresents or withholds critical information, leading to a decline in the value of investors' holdings.

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 class members and that a class action is the most efficient method for resolving their claims. Once certified, the lawsuit goes through various stages, including discovery, motion practice, and potentially a trial.
​
The defendants in a securities fraud class action lawsuit are usually the company accused of fraud and its executives involved in the alleged fraudulent activities. The lead plaintiff seeks damages on behalf of all class members, aiming to recover their financial losses, interest, attorneys' fees, and other costs incurred during the litigation process.

How to Find Legal Representation for the Driven Brands Class Action Lawsuit

​If you suffered losses in Driven Brands stock and are interested in pursuing a claim in the Driven Brands lawsuit, it is crucial to seek legal representation from an experienced Driven Brands stock loss lawyer. A knowledgeable attorney can guide you through the complex legal process and advocate for your rights as a class member.

One highly respected attorney in this field is Timothy L. Miles, a Nashville-based stock loss lawyer with extensive experience in securities fraud cases. With a strong focus on investor advocacy, Timothy L. Miles has received numerous awards and recognitions for his skill and commitment to his clients.

To determine your eligibility and explore your legal options, contact a Driven Brands stock loss lawyer today. They will provide a free case evaluation and offer guidance on how to proceed with your claim.

Conclusion

​The Driven Brands class action lawsuit presents an opportunity for investors who suffered losses in Driven Brands stock to seek compensation for alleged fraudulent activities committed by the company. By participating in the lawsuit, investors can potentially recover their losses and hold the company accountable for its actions.

If you are a class member in the Driven Brands class action lawsuit, it is crucial to understand your rights and options. Consider consulting with a reputable Driven Brands stock loss lawyer like Timothy L. Miles to navigate the legal complexities and maximize your chances of a successful outcome.

Remember, the lead plaintiff deadline is approaching, so take action now if you wish to be considered for this role. Even if you do not become the lead plaintiff, you can still benefit from any potential settlement as a member of the class. Do not hesitate to seek legal representation and protect your interests in the Driven Brands class action lawsuit.

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. 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 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.

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