BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Olo Inc. (“Olo” or the “Company”) (NYSE: OLO) Class A common stock between August 11, 2021 and August 11, 2022, inclusive (the “Class Period”). Olo investors have until November 28, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Olo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On February 12, 2020, Olo announced its partnership with Subway restaurants to allow Subway’s network of more than 20,000 U.S. restaurants to handle digital orders from third-party marketplaces.
On August 11, 2022, Olo released its second quarter 2022 financial results, disclosing that it was in the process of losing its business from Subway, and that it had already lost about 2,500 Subway locations during the second quarter, and that the remaining 15,000 Subway locations would be removed from the Company’s active locations count in forthcoming quarters.
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.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Subway was ending its contract with Olo; (2) Olo’s key business metric – active locations – could not continue to grow as Defendants touted due to the loss of Subway’s business; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Olo Class A common stock, 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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