The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Olo Inc. (NYSE: OLO) who purchased Class A common stock between August 11, 2021 and August 11, 2022. The action, which was filed in the United States District Court for the Southern District of New York, alleges that the Company violated federal securities laws.
In particular, the Olo lawsuit alleges that (1) Subway was ending its contract with Olo; (2) Olo’s key business metric – active locations – could not continue to grow as defendants touted due to the loss of Subway’s business; and (3) as a result of the above, defendants’ statements about Olo’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
Shareholders have until November 28, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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