NEW ORLEANS, Oct. 21, 2022 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilNovember 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.
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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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ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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