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NEW YORK, Sept. 28, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that it has filed a securities class action lawsuit was filed. (NYSE: OLO) between August 11, 2021 and August 11, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York alleging violations of the Securities Exchange Act of 1934.
Based in New York, New York, Olo provides restaurants with software to help them order online and coordinate food delivery. On February 12, 2020, Olo announced a partnership with Subway® restaurants (“Subway”) to enable Subway’s more than 20,000 US-based restaurants to place digital orders from third-party “marketplaces” such as Uber Eats or DoorDash to handle. Olo, short for “online ordering,” then went public via an initial public offering (“IPO”) in March 2021 as online ordering from restaurants and home delivery services enjoyed unprecedented popularity due to the COVID-19 pandemic. When it went public, Olo offered its shares at $25 per share and opened trading at $32 per share.
During the class action period, the company highlighted its “active locations” as a “key business metric” that “demonstrates the growth and scale of our overall business and reflects our ability to attract, engage and monetize our customers and.” [ ] Grow revenue.” After the market close on Aug. 10, 2021, Olo reported that it ended Q2 2021 with approximately 74,000 active locations, a 30% increase from the same period last year. The Company’s reported active locations included approximately 15,000 Subway locations that…
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