LOS ANGELES, Nov. 3, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come November 28, 2022 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of investors forming Olo Inc. (“Olo” or the “Company”) (NYSE: OLO) Class A common stock between August 11, 2021 and August 11, 2022inclusive (the “Class Period”).
If you have suffered a loss on your Olo investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/olo-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
On February 12, 2020, Olo announced its partnership with Subway restaurants to enable Subway’s network of more than 20,000 US restaurants to fulfill digital orders from third-party marketplaces.
On August 11, 2022, Olo reported its second quarter 2022 financial results and announced that it was in the process of losing its Subway business and that it had already lost approximately 2,500 Subway locations and the remaining 15,000 Subway locations in the second quarter would be removed from the Company’s active location count in the coming quarters.
On the back of this news, Olo’s stock fell $4.73, or 36.4%, to close at $8.26 per share on August 12, 2022, hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. Specifically, the defendants failed to disclose to investors: (1) Subway terminated its contract with Olo; (2) Olo’s key business metric – Active Sites – could not continue to grow as Defendants…
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