Driven Brands Delays Financial Results, Shares Down 30.2%
In a regulatory filing this morning, the company stated: "On February 23, 2026, the Audit Committee of the Board of Directors, after consultation with the Company's management, concluded there were material errors in our previously issued consolidated financial statements for the fiscal year ended December 28, 2024 and the fiscal year ended December 30, 2023 contained in the Company's Annual Report on Form 10-K for the fiscal year 2024, and in our previously issued unaudited condensed consolidated financial statements for each of the quarterly and year-to-date periods within fiscal year 2024 as well as the quarterly and year-to-date periods for the periods ended September 27, 2025, June 28, 2025 and March 29, 2025, and concluded that such financial statements should not be relied upon and required restatement. Additionally, the Report of our Independent Registered Public Accounting Firm on the financial statements and internal control over financial reporting should not be relied upon." In connection with these matters, the Company is "delaying the release of these financial results and the conference call". Shares of Driven Brands were down 30.2% in Wednesday's trading.
