Kaplan Fox & Kilsheimer LLP
NEW YORK, September 28, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Olo Inc. (“Olo” or the “Company”) (NYSE: OLO), a company that provides an on-demand digital commerce platform for multi-location restaurant brands.
If you purchased or otherwise acquired Olo between August 11, 2021 and August 11, 2022 inclusive (the “Collection Period”) and would like to discuss our investigation, please contact us via email [email protected] or by calling (212) 687-1980.
If you are a member of the proposed class, you can move the court by November 28, 2022 at the latest to serve as lead plaintiff for the alleged class. You do not have to seek lead plaintiff to participate in a possible recovery.
On February 12, 2020, Olo issued a press release stating “a partnership with Subway® restaurants to integrate digital orders directly into the restaurant’s point of sale for most of the chain’s locations.” The partnership would reportedly “allow[s] Subway’s network of 20,000+ US restaurants to more seamlessly fulfill digital orders from third-party marketplaces.”
Then, on August 11, 2022, the company released its results for the second quarter ended June 30, 2022 after the hours of trading. During the subsequent conference call, the company announced a change in its relationship with Subway that occurred in the second quarter. Notably, founder and CEO Noah Glass announced that Olo is in the process of losing its business from Subway. Glass CEO went on to explain that it lost about 2,500 Subway locations in the second quarter that had started directly integrating with marketplaces and that “[w]We expect Subway’s direct marketplace integration to continue, with the rest of their locations being removed from our total number of active locations in Q4 of this year or in Q1 of 2023.”
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