NEW ORLEANS, Oct. 04, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., remind investors that they have until November 28, 2022 Lead Plaintiff’s motions in a securities class action lawsuit against Olo Inc. OLOif you purchased the Company’s Shares 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.
What you can do
If you have purchased Olo stock and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you can contact KSF Managing Partner Lewis Kahn toll-free, without obligation and at no cost to you, at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-olo/ to learn more. If you wish to be a lead plaintiff in this class action lawsuit, you must file a petition with the court November 28, 2022.
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.
About Kahn Swick & Foti,…
