NEW YORK, Oct. 10, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of the acquirers of Olo Inc. (“Olo” or the “Company”) in the US District Court for the Southern District of New York OLO Securities between August 11, 2021 and August 11, 2022 (the “Collection Period”). Investors have until November 28, 2022 to petition the court to appoint a lead plaintiff in the lawsuit.

Olo, Inc. develops cloud-based on-demand commerce platforms for multi-location restaurant brands.

On August 11, 2022, Olo announced its second quarter results and outlook. The company’s net loss for the second quarter of fiscal 2022 was $11.7 million, or $0.07 per share, compared to a net loss of $2.4 million, or $0.02 per share a year ago. During Olo’s quarterly conference call with analysts, the company announced that Subway franchises (approximately 15,000 locations) have begun replacing Olo’s Rails product with a homegrown solution. During the call, the company stated that it expects “Subway’s direct marketplace integration to continue, with the remainder of their locations being removed from our total number of active locations in Q4 of this year or Q1 of 2023.” As a result of this news, the price of Olo shares fell $4.73 per share, or approximately 36.41%, from $12.99 per share to a closing price of $8.26 on August 12, 2022.

The Complaint alleges that throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) Subway terminated its contract with Olo; and (2) Olo’s key business metric — active locations — failed to continue growing due to the loss of Subway’s business, as defendants had predicted.

If you have purchased or otherwise acquired Olo securities, have information, or would like to learn more about this investigation, please contact Thomas W Elrod from Kirby McInerney LLP by email at [email protected]or by filling …