NEW YORK, Nov. 07, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Olo Inc. (“Olo” or the “Company”) (NYSE: OLO). Those investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, extension 7980.

The investigation concerns whether Olo and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On February 12, 2020, Olo issued a press release in which it “announced its partnership with Subway® 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. Notably, Olo’s founder and chief executive officer, Noah Glass, announced that the company is in the process of losing its Subway business, having lost about 2,500 Subway locations in the second quarter that began directly integrating 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 in Q1 of 2023.”

As a result of this news, Olo’s stock price fell $4.73 per share, or 36.41%, to close at $8.26 per share on August 12, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, is one of the leading law firms in the areas of corporate,…