OLO - Kirby McInerney LLP Continues Investigation of Shareholder Claims on Behalf of Olo Inc. (OLO) Investors
NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Olo, Inc. (“Olo” or the “Company”) (NYSE: OLO ). The investigation concerns whether Olo has violated the federal securities laws and/or engaged in other unlawful business practices.
Olo, Inc. develops cloud-based, on-demand commerce platforms for multi-location restaurant brands.
On August 11, 2022, Olo announced its second quarter results and outlook. The Company’s net loss for the second quarter of fiscal year 2022 was $11.7 million, or $0.07 per share, compared to a net loss of $2.4 million, or $0.02 per share, a year ago. During Olo’s quarterly earnings call with analysts, the Company disclosed that Subway franchises (approximately 15,000 locations) have begun the process of replacing Olo’s Rails product with a homegrown solution. During the call, the Company stated that it expects “Subway’s direct marketplace integration to continue with the balance of their locations being removed from our total active location count in the fourth quarter of this year or the first quarter of 2023.” On this news, the price of Olo shares declined by $4.73 per share, or approximately 36.41%, from $12.99 per share to close at $8.26 on August 12, 2022.
If you purchased or otherwise acquired Olo securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com , or by filling out this contact form , to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com .
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-371-6600
https://www.kmllp.com
investigations@kmllp.com