NEW YORK, Sept. 16, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is investigating potential claims against Olo, Inc. OLOCognite Software Ltd. CGNTVintage Wine Estates, Inc. VWEand World Wrestling Entertainment, Inc. WWE. Our investigations address whether these companies have violated federal securities laws and/or engaged in other illegal business practices. For more information on each case, see the link provided.
Olo, Inc. OLO
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 active locations in Q4 of this year or in Q1 2023.”
As a result of this news, Olo’s stock price fell $4.73 per share, or 36%, to close at $8.26 per share on August 12, 2022.
For more information on the Olo exam, visit: https://bespc.com/cases/OLO
Cognite Software Ltd. CGNT
On April 5, 2022, Cognyte released its fourth quarter 2021 financial results, including…
