INVESTOR DEADLINE: Investors in Olo Inc. with Substantial Losses Have Opportunity to Lead Class Action Lawsuit – OLO
Oct 1st, 2022 11:06 EST
SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP announces that purchasers of Olo Inc. (NYSE: OLO) Class A common stock between August 11, 2021 and August 11, 2022, both dates inclusive (the “Class Period”) have until November 25, 2022 to seek appointment as lead plaintiff in the Olo class action lawsuit. Captioned Pompano Beach Police and Firefighters’ Retirement System v. Olo Inc., No. 22-cv-08228 (S.D.N.Y.), the Olo class action lawsuit charges Olo and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Olo class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Olo provides software to restaurants to assist with online ordering and food-delivery coordination. On February 12, 2020, Olo announced a partnership with Subway® restaurants to enable Subway’s more than 20,000 U.S.-based restaurants to handle digital orders from third-party “marketplaces” such as Uber Eats or DoorDash. Olo then went public via an initial public offering (“IPO”) in March 2021, offered its shares for sale at $25 per share, and opened trading at $32 per share.
But as the Olo class action lawsuit alleges, defendants throughout the Class Period misled investors as to Olo’s success by citing active locations figures that included Subway locations that would imminently cease using Olo’s services and by failing to disclose that Subway would be ending its relationship with Olo.
On August 11, 2022, Olo revealed that 2,500 Subway locations had begun to directly integrate with third-party marketplaces and that the remaining 15,000 Subway locations would be removed from Olo’s active locations count in the fourth quarter of 2022 and the first quarter of 2023. Olo further acknowledged that the previously undisclosed Subway exodus had been known internally throughout the Class Period. In fact, Olo’s CFO, defendant Peter J. Benevides, admitted that Olo took the undisclosed pending Subway departure into account when providing guidance for the year. On this news, the price of Olo common stock fell by approximately 36%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Olo Class A common stock during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Olo class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Olo class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Olo class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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