A stockholder of restaurant software company Olo Inc. has sued several of the company’s current and former board members and executives in Delaware Chancery Court alleging they breached their fiduciary duties by failing to disclose that a partnership with Subway would be ending, which allegedly led to a stock price decline.
Shareholder Cashondra Floyd filed a complaint on Thursday against Olo’s CEO Noah Glass, its Chief Financial Officer Peter Benevides, co-founder Brandon Gardner and several current and former board members. Floyd claims the defendants breached their fiduciary duties to shareholders between August 2021 and August 2022.
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