Driven Brands Plunges as Earnings Delayed on Past ‘Errors’ (1)

(Adds share move.)

Driven Brands shares fall 28% premarket after the automotive services company delayed its fourth-quarter release due to material errors found in its previously issued financial statements, requiring restatement and indicating those statements should no longer be relied upon.

• 4Q25 release was scheduled for Feb. 25
• Errors included
  • Lease recording issues affecting right of use assets and liabilities
  • Cash account discrepancies led to overstatements of cash and revenue
  • Overstated company-operated store expenses for fiscal years 2023 and 2024, error did not result in any change in total operating expenses
• Company identified material weaknesses in internal control over financial ...