The Law Offices of Frank R. Cruz Announces Investigation of Olo Inc. (OLO) on Behalf of Investors
The Law Offices of Frank R. Cruz Announces Investigation of Olo Inc. (OLO) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Olo Inc. (“Olo” or the “Company”) (NYSE: OLO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On February 12, 2020, Olo announced its partnership with Subway restaurants to “integrate digital orders directly into the restaurant’s point of sale for the majority of the chain’s locations” and that “[t]he partnership allows Subway’s network of more than 20,000 U.S. restaurants to more seamlessly handle digital orders from third-party marketplaces.”
On August 11, 2022, Olo released its second quarter 2022 financial results, disclosing that it is in the process of losing its business from Subway, and that it had already lost about 2,500 Subway locations during the second quarter. The Company stated that it “expect[s] Subway’s direct marketplace integration to continue with the balance of their locations being removed from our total active location counts in the fourth quarter of this year, or the first quarter of 2023.”
On this news, Olo’s stock fell $4.73, or 36.4%, to close at $8.26 per share on August 12, 2022, thereby injuring investors.
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If you purchased Olo securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
