NEW YORK, August 24, 2022 /PRNewswire/ —
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation into potential securities claims on behalf of shareholders of Olo Inc. (NYSE: OLO) arising from allegations that Olo allegedly may have provided misleading business information to the investing public.
SO WHAT: If you have purchased Olo titles, you may be entitled to compensation without payment of fees or reimbursable costs through a contingent fee arrangement. The Rosen law firm is preparing a class action lawsuit to recover investors’ losses.
WHAT TO DO NEXT: To join the potential class action, go to https://rosenlegal.com/submit-form/?case_id=8131 or call Phillip Kim, Esq. toll free at 866-767-3653 or by email [email protected] Where [email protected] for more information on the class action.
WHAT DOES IT TALK ABOUT: On February 12, 2020, Olo released a press release announcing “its partnership with Subway(R) Restaurants to integrate digital ordering directly into the restaurant POS for the majority of the chain’s locations.” Olo also stated that “[t]he partnership enables Subway’s network of more than 20,000 U.S. restaurants to more seamlessly manage digital orders from third-party marketplaces. »
Then, on August 11, 2022, Olo issued a press release announcing its second quarter 2022 financial results. During a conference call with investors and analysts later today to discuss these results, Olo disclosed a change in its relationship with Subway that happened in the second trimester. Specifically, the founder and CEO of Olo revealed that the company was losing its Subway business, that it had lost approximately 2,500 Subway locations during the second quarter that began to integrate directly to the markets, and that “[w]We expect Subway’s direct market integration to continue, with the remainder of their locations being removed from our total number of active locations in the fourth quarter of this year, or the first quarter of 2023.”
At this news, Olo’s share price plummeted. $4.73 per share, or 36%, to close at $8.26 per share on August 12, 2022.
WHY THE ROSEN LAW: We encourage investors to select qualified lawyers with proven track records in leadership roles. Often, companies issuing reviews do not have comparable experience, resources, or significant peer recognition. Be wise in choosing lawyers. Rosen Law Firm represents investors worldwide, focusing its practice on securities class action and shareholder derivative litigation. Rosen Law Firm has reached the largest securities class action settlement against a Chinese company. Rosen Law Firm was ranked #1 by ISS Securities Class Action Services for the number of securities class action settlements in 2017. The firm has ranked in the top 4 every year since 2013 and has recovered hundreds of million dollars for investors. In 2019 alone, the company obtained more than $438 million for investors. In 2020, founding partner Laurence Rosen has been named by law360 as a Titan of the Plaintiffs Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, Pennsylvania
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
SOURCE Rosen Law Firm, Pennsylvania