NEW YORK, NY / ACCESSWIRE / October 4, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Olo Inc. ('Olo' or the 'Company') (NYSE:OLO). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Olo and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 12, 2020, Olo issued a press release announcing 'its partnership with Subway® restaurants to integrate digital orders directly into the restaurant's point of sale for the majority of the chain's locations.' Olo also stated that '[t]he partnership allows 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 issued a press release announcing its second quarter 2022 financial results. On a conference call with investors and analysts later that day to discuss those results, Olo disclosed a change in its relationship with Subway that occurred in the second quarter. Specifically, 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.'
On 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 acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
SOURCE: Pomerantz LLP
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