What a Year It Was

Here Are the Top Five GlassBYTEs headlines for 2023

1. Driven Brands Investigated by 3 Law Firms After Stock Plunges (August 8)
Three law firms investigated potential securities fraud claims on behalf of Driven Brands shareholders following the company’s stock hitting an all-time in late July. Shares of Charlotte, N.C.-based Driven Brands closed at $25.83 on Aug. 1. The company announced its second-quarter results in the following day, notably admitting that it’s “a few quarters behind” integrating multiple auto glass acquisitions under its Auto Glass Now brand. Its stock subsequently plunged 41.15% to close at $15.20.

2. Former Auto Glass Employee Charged with Embezzling $1.3 Million (August 7)

Authorities arrested and charged a former employee for allegedly embezzling more than $1.3 million from Allstate Glass in Holbrook, Mass. Police charged Ashley Sumner, 36, with larceny over $1,200 (felony); improper use of a credit card over $1,200 (felony, two counts); identity fraud (misdemeanor, four counts); and money laundering (felony).

3. Safelite Grabs Ideal Auto Glass (July 18)
Safelite Group, owner of Safelite AutoGlass, acquired Ideal Auto Glass, a Florida-based company with two locations in the greater Orlando area. The deal closed on July 14.

4. Campfield vs. Safelite: Appeals Court Searches for Damages (July 27)
The Sixth Circuit Appeals Court on July 26 reviewed a 2021 district court ruling against Richard Campfield, owner and president of Ultra Bond, who sued Safelite Group, alleging the company had engaged in false advertising that hurt his business.

5. PGW Auto Glass Acquires Assets of Duncan Systems’ Truck Glass Division (June 15)
PGW Auto Glass, a provider of automotive glass solutions, acquired the assets of Duncan Systems’ Truck Glass Division.

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