NEW YORK, Sept. 6, 2022 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of Olo Inc shareholders. OLO based on allegations that Olo may have disclosed materially misleading business information to the investing public.

SO WHAT: If you have purchased Olo securities, you may be entitled to compensation without paying any out of pocket expenses or costs through a contingency fee arrangement. Law firm Rosen is preparing a class action lawsuit to recover investor losses.

WHAT TO DO NEXT: To participate in the prospective class action lawsuit, go to https://rosenlegal.com/submit-form/?case_id=8131 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] or [email protected] for information about the Class Action.

WHAT IS THIS ABOUT: On February 12, 2020, Olo issued a press release in which it “announced its partnership with Subway(R) restaurants to integrate digital ordering directly into the restaurant’s point of sale for most of the chain’s locations.” Olo also stated that “[t]The partnership will enable Subway’s network of more than 20,000 US restaurants to more seamlessly fulfill digital orders from third-party marketplaces.”

Then, on August 11, 2022, Olo issued a press release announcing its second quarter 2022 financial results. On a conference call with investors and analysts later that day to discuss these results, Olo announced a change in its relationship with Subway that occurred in the second quarter. Specifically, Olo’s founder and chief executive officer announced that the company is in the process of losing its Subway business, that it had lost about 2,500 Subway locations in the second quarter, which began direct integration with marketplaces, and that “[w]We expect Subway’s direct marketplace integration to continue, with the rest of their locations being removed from our total number of active locations in Q4 of this year or Q1.