NEW YORK, Nov. 06, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits may be filed on behalf of shareholders of Olo, Inc. (NYSE: OLO ), Centessa Pharmaceuticals Plc (NASDAQ: CNTA), PayPal Holdings, Inc. (NASDAQ: PYPL) and Opendoor Technologies, Inc. (NASDAQ: OPEN). Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.
Olo, Inc. (NYSE: OLO)
Class Period: August 11, 2021 – August 11, 2022
Lead Plaintiff Deadline: November 28, 2022
Olo provides restaurants with software to help them order online and coordinate food delivery. During the Class Period, the Company’s key business metrics demonstrating its growth were its “active locations,” with each active location representing a unique restaurant location utilizing an Olo product.
In February 2020, the Company announced a partnership with Subway® restaurants (“Subway”) to enable Subway’s more than 20,000 US-based restaurants to fulfill digital orders from third-party “marketplaces” such as Uber Eats or DoorDash . Throughout the class period, Olo promoted growth in its active locations, with Subway accounting for about 20% of those locations. By the first quarter of 2022, the company’s active locations had grown to about 82,000 — a 19% year-over-year increase.
The truth came out on Aug. 11, 2022, when the company reported disappointing second-quarter 2022 results, lowered revenue guidance, and reported that active locations were flat at 82,000. The company stated that it was impacted by the loss of 2,500 Subway locations as Subway chose to implement direct integration with marketplaces, and that the company expects the remaining Subway locations to continue their contracts with Olo by fourth quarter of 2022. ..
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