NEW ORLEANS, Oct. 11, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until November 28, 2022 Lead plaintiff motions in a securities class action lawsuit against Olo Inc. (NYSE: OLO) if they purchased the Company’s stock between August 11, 2021 and August 11, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the Southern District of New York.

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Olo investors should visit us at https://claimsfiler.com/cases/nyse-olo/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.

About the lawsuit

Olo and certain of its officers are accused of failing to disclose material information during the class action period in violation of federal securities laws.

On August 11, 2022, the Company reported disappointing second quarter 2022 results and announced lower revenue guidance and a flat number of active locations due to the loss of 2,500 Subway locations due to the implementation of Subway’s direct integration with marketplaces and that the Company the remaining Subway locations expected to end their contracts by Q4 2022 or Q1 2023 as well, with implications the company reportedly included in its guidance months earlier without notifying the market.

As a result of this news, shares of Olo stock fell approximately 36%, from a closing price of $12.99 per share on August 11, 2022 to a closing price of $8.26 per share on August 12, 2022.

The case is Pompano Beach Police and Firefighters’ Retirement System v. Olo Inc., No. 1:22-cv-08228.

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