BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Olo Inc. (“Olo” or the “Company”) (NYSE: OLO) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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