NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Olo, Inc. (“Olo” or the “Company”) (NYSE: OLO) on behalf of Olo stockholders. Our investigation concerns whether Olo has violated the federal securities laws and/or engaged in other unlawful business practices.
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On February 12, 2020, Olo issued a press release announcing “its partnership with Subway(R) 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 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%, to close at $8.26 per share on August 12, 2022.
If you purchased or otherwise acquired Olo shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.