The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Olo Inc. who purchased Class A common stock between August 11, 2021 and August 11, 2022.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose 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.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 28, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.