NEW YORK, Aug. 11, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Viasat, Inc. (NASDAQ: VSAT), Discover Financial Services (NYSE: DFS), Cambium Networks Corporation (NASDAQ: CMBM), and Driven Brands Holdings, Inc. (NASDAQ: DRVN). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Viasat, Inc. (NASDAQ: VSAT)
Viasat provides broadband and communications products and services worldwide. Viasat’s Satellite Services segment offers satellite-based fixed broadband services.
On May 1, 2023, Viasat announced “the successful launch of ViaSat-3 Americas aboard a SpaceX Falcon Heavy,” which purportedly “open[ed] a new chapter in Viasat’s growth.”
Then, on July 12, 2023, Viasat revealed that an “event occurred during reflector deployment that may materially impact the performance of the ViaSat-3 Americas satellite.” Viasat further disclosed that “[c]ontingency plans are currently being refined” and that “[p]otential options include redeploying satellites from Viasat’s extensive fleet to optimize global coverage, and/or reallocating a subsequent ViaSat-3 class satellite to provide additional Americas bandwidth.”
Following this news, the price of Viasat stock declined by nearly 29%.
For more information on the Viasat investigation go to: https://bespc.com/cases/VSAT
Discover Financial Services (NYSE: DFS)
On July 20, 2023, pre-market, Discover revealed that it was in discussions with regulators relating to the Company’s misclassification of certain credit card products over an approximately 15-year period. Discover incorrectly classified certain credit card accounts into its highest merchant and merchant acquirer pricing tier, beginning around mid-2007.
On this news, Discover’s stock price fell $19.40 per share, or 15.92% percent, to close at $102.45 per share on July 20, 2023.
For more information on the Discover investigation go to: https://bespc.com/cases/DFS
Cambium Networks Corporation (NASDAQ: CMBM)
On August 1, 2023, the Company reported its Q2 earnings; Cambium reported quarterly earnings of $0.03 per share, missing Consensus Estimate of $0.21 per share. This compares to earnings of $0.18 per share a year ago. Revenue was $59.5, missing estimates by $17.04M. The Company also announced that CEO Atul Bhatnagar was stepping down immediately.
On this news, Cambium stock fell $0.21 per share, or 2%, to close at $10.37 per share on August 2, 2023.
For more information on the Cambium investigation go to: https://bespc.com/cases/CMBM
Driven Brands Holdings, Inc. (NASDAQ: DRVN)
In 2015, the consumer brands and franchise focused private equity fund Roark Capital Group acquired Driven Brands which owned MAACO, Meineke Car Care Centers, and other automotive after-market companies. Roark acquired other businesses and brought them into Driven Brands and then took Driven Brands public in January 2021. In 2022, Driven Brands bought two companies in the auto glass service market, making it the second largest player in the U.S.
Before the market opened on August 2, 2023, Driven Brands announced weak second quarter 2023 results and issued weaker than expected third quarter 2023 guidance and lowered full year 2023 guidance. During the earnings call, management blamed increased competition in the car wash business over the prior two years. In addition, management said it is now "a few quarters behind" integrating the two auto glass acquisitions.
On this news, Driven Brands' stock price collapsed $10.63 per share to $15.20, a drop of 41.2% on very heavy volume.
For more information on the Driven Brands investigation go to: https://bespc.com/cases/DRVN
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.