Bernstein Litowitz Berger & Grossmann LLP Announces Proposed Class Action Settlement on Behalf of Purchasers of Driven Brands Holdings Inc. Common Stock

CHARLOTTE, N.C., March 20, 2026 /PRNewswire/ -- Bernstein Litowitz Berger & Grossmann LLP announces that the United States District Court for the Western District of North Carolina has approved the following announcement of a proposed class action settlement on behalf of purchasers of Driven Brands Holdings Inc. common stock (NASDAQ: DRVN):

UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF NORTH CAROLINA
CHARLOTTE DIVISION

SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR ATTORNEYS' FEES AND LITIGATION EXPENSES

TO: All persons and entities who purchased the common stock of Driven Brands Holdings Inc. ("Driven" or the "Company") during the period from October 27, 2021 through August 1, 2023, inclusive (the "Class Period") (the "Settlement Class")¹:

PLEASE READ THIS NOTICE CAREFULLY.  YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Western District of North Carolina (the "Court"), that the above-captioned securities class action (the "Action") is pending in the Court.

YOU ARE ALSO NOTIFIED that Lead Plaintiffs Genesee County Employees' Retirement System, Oakland County Employees' Retirement System, and Oakland County Voluntary Employees' Beneficiary Association (together, "Lead Plaintiffs"), on behalf of themselves and the Settlement Class, have reached a proposed settlement of the Action for $25,000,000 in cash (the "Settlement").  If approved, the Settlement will resolve all claims in the Action.

The Action involves allegations that Driven and certain of its senior officers violated federal securities laws.  Lead Plaintiffs allege that Driven, its former Chief Executive Officer, Jonathan G. Fitzpatrick ("Fitzpatrick"), and its former Chief Financial Officer, Tiffany L. Mason ("Mason"), made material misrepresentations and omissions during the Class Period concerning: (a) Driven's efforts to create a nationwide auto-glass business by acquiring and integrating smaller companies into a single "platform"; and (b) operational execution and customer retention in Driven's car wash business.  Lead Plaintiffs alleged that Defendants' alleged misstatements violated Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), and that Fitzpatrick and Mason controlled Driven when the misstatements were made, in violation of Section 20(a) of the Exchange Act.  Defendants^[2] deny all allegations in the Action and deny any violations of the federal securities laws.  Issues and defenses at issue in the Action included, among others: (i) whether Defendants made materially false statements or omissions; (ii) whether Defendants made the statements with the required state of mind; (iii) whether the alleged misstatements caused class members' losses; and (iv) the amount of damages, if any. 

A hearing will be held on June 1, 2026, at 9:45 a.m., before the Honorable Max O. Cogburn, Jr. of the United States District Court for the Western District of North Carolina, either in person at the United States Courthouse, Charles R. Jonas Federal Building, 401 West Trade Street, Charlotte, NC 28202, Courtroom 5A, or by telephone or videoconference, in the discretion of the Court, to determine: (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether, for purposes of the proposed Settlement only, the Action should be certified as a class action on behalf of the Settlement Class, Lead Plaintiffs should be certified as Class Representatives for the Settlement Class, and Lead Counsel Bernstein Litowitz Berger & Grossmann LLP should be appointed as Class Counsel for the Settlement Class; (iii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation (and in the Notice) should be granted; (iv) whether the proposed Plan of Allocation should be approved as fair and reasonable; and (v) whether Lead Counsel's application for an award of attorneys' fees and expenses should be approved.

If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Net Settlement Fund.  If you have not yet received the Notice and the Proof of Claim and Release Form ("Claim Form"), you may obtain copies of these documents by contacting the Claims Administrator at:  Driven Brands Securities Litigation, c/o Strategic Claims Services, P.O. Box 230, 600 N. Jackson St., Suite 205, Media, PA 19063; (855) 433-7863; [email protected].  Copies of the Notice and Claim Form can also be downloaded from the Settlement website, www.DrivenBrandsSecuritiesLitigation.com.

If you are a member of the Settlement Class, in order to be eligible to receive a payment from the Settlement, you must submit a Claim Form to the Claims Administrator postmarked (if mailed) or online by no later than July 6, 2026.  If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to receive a payment from the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.

If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion to the Claims Administrator such that it is received no later than May 11, 2026, in accordance with the instructions set forth in the Notice.  If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to receive a payment from the Settlement.

Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and expenses must be filed with the Court and delivered to Lead Counsel and Defendants' Counsel such that they are received no later than May 11, 2026, in accordance with the instructions set forth in the Notice.

Please do not contact the Court, the Office of the Clerk of the Court, Defendants, or their counsel regarding this notice.  All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to the Claims Administrator or Lead Counsel.

Requests for the Notice and Claim Form should be made to:

Driven Brands Securities Litigation
c/o Strategic Claims Services
P.O. Box 230
600 N. Jackson Street, Suite 205
Media, PA 19063

(855) 433-7863
[email protected] 
www.DrivenBrandsSecuritiesLitigation.com 

Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:

Jonathan D. Uslaner
Bernstein Litowitz Berger & Grossmann LLP
2121 Avenue of the Stars, Suite 2575
Los Angeles, CA 90067

(800) 380-8496
[email protected] 

By Order of the Court

¹ Certain persons and entities are excluded from the Settlement Class by definition, as set forth in the full Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Hearing; and (III) Motion for Attorneys' Fees and Litigation Expenses (the "Notice"), available at www.DrivenBrandsSecuritiesLitigation.com.

² Capitalized terms not otherwise defined herein shall have the same meaning as in the Stipulation and Agreement of Settlement, dated December 19, 2025 (the "Stipulation").  The Stipulation can be viewed and/or obtained at www.DrivenBrandsSecuritiesLitigation.com.

SOURCE Bernstein Litowitz Berger & Grossmann LLP