LOS ANGELES, Oct. 20, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy advises Olo Inc. (“Olo” or the “Company”) OLO that a class action lawsuit has been filed on behalf of investors. Olo investors who have lost money investing are encouraged to do so Contact Lesley Portnoy, Esq.

Investors are encouraged to contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected]to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

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 actively reported locations included approximately 15,000 Subway locations, which ultimately accounted for approximately 20% of the Company’s reported active locations.