GRABAR LAW OFFICE INVESTIGATES CLAIMS ON BEHALF OF OLO INC. (NYSE: OLO)
Grabar Law Office is investigating potential claims on behalf of Olo Inc. (NYSE: OLO) shareholders. The investigation concerns whether certain officers of Olo have breached their fiduciary duties owed to the company.
Olo Inc. offers online ordering, delivery integration, and payment products. Among its products, Olo offers “Rails,” which is a program that enables digital orders from third-party marketplaces to be transmitted directly to restaurants where Rails has been set up.
On April 10, 2023, the federal securities fraud class action complaint survived a motion to dismiss.
In February 2020, the Company 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. Throughout the Class Period, Olo touted the growth of its active locations, with Subway accounting for approximately 20% of those locations.
It is alleged that Olo, through certain of its officers, misled investors 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) that, 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.
Current Olo shareholders who have held Olo stock since before August 11, 2021, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
If you would like to learn more about this matter, you are encouraged to contact us at firstname.lastname@example.org, or call Joshua Grabar at 267-507-6085.