NEW YORK, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is reminding shareholders that a class action complaint was filed 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 securities 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 (646) 315-9003 or our toll free number 1 (800) 290-1952.
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. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On 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, Olo's founder and Chief Executive Officer, Noah Glass, disclosed that the Company is in the process of losing its business from Subway, 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 counts 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 Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
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
