NEW ORLEANS, Nov. 22, 2022 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 28, 2022 to file lead plaintiff applications in a securities class action lawsuit against Olo Inc. (NYSE: OLO), if they purchased the Company's shares between August 11, 2021 and August 11, 2022, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
Olo investors should visit us at https://claimsfiler.com/cases/nyse-olo/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Olo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 11, 2022, the Company announced disappointing results for 2Q2022, disclosing lowered revenue guidance and a flat active location count due to the loss of 2,500 Subway locations resulting from Subway's implementation of direct integration with marketplaces, and that the Company expected the remaining Subway locations to also end their contracts by 4Q2022 or 1Q2023, which effects the Company claimed to have incorporated into its guidance months earlier without informing the market.
On this news, shares of Olo stock plummeted 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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