NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Olo, Inc. (“Olo” or the “Company”) (NYSE: OLO) in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired Olo’s common stock between August 11, 2021 and August 11, 2022, both dates inclusive (the “Class Period”).
The Complaint allege that Defendants failed to disclose to investors that: (i) Subway was ending its contract with Olo; (ii) Olo’s key business metric – active locations – could not continue to grow as Defendants touted due to the loss of Subway’s business; and (iii) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
Investors who purchased or otherwise acquired shares of Olo’s should contact the Firm prior to the November 28, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
