NEW YORK, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Olo Inc. (“Olo” or the “Company”) (NYSE: OLO), a company that provides an on-demand digital commerce platform for multi-location restaurant brands.
If you purchased or otherwise acquired Olo during the period August 11, 2021 and August 11, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (212) 687-1980.
If you are a member of the proposed Class, you may move the court no later than November 28, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
In February 12, 2020, Olo published a press release announcing “a partnership with Subway® restaurants to integrate digital orders directly into the restaurant’s point of sale for the majority of the chain’s locations.” The partnership purportedly would “allow[s] Subway’s network of more than 20,000 U.S. restaurants to more seamlessly handle digital orders from third-party marketplaces.”
Then, on August 11, 2022 after-market, the Company issued its results for the second quarter ending June 30, 2022. During the conference call that followed, the Company disclosed a change in its relationship with Subway that occurred in the second quarter. Specifically, Founder and CEO Noah Glass disclosed that Olo is in the process of losing its business from Subway. CEO Glass went on to explain that it had lost about 2,500 Subway locations during the second quarter that began directly integrating with marketplaces and that “[w]e expect Subway’s direct marketplace integration to continue with the balance of their locations being removed from our total active location count in the fourth quarter of this year or the first quarter of 2023.”
Following this news, the price of Olo shares plummeted by $4.73 per share, over 36%, to close at $8.26 per share on August 12, 2022.
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If you have any questions about this investigation, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 687-1980
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
