Olo Inc (NYSE: OLO) Securities Litigation Settlement: $9M
Did you purchase Class A common stock of Olo between March 17, 2021 and August 11, 2022? According to the Complaint, 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.
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.
The Complaint alleges that, during the Class Period, Defendants 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.
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Claim Form
Click Here to Submit a ClaimWho's eligible?
If you purchased or otherwise acquired Class A common stock of Olo between March 17, 2021 and August 11, 2022, inclusive, you may be eligible to receive a payment from this settlement.
Proof of Purchase
Yes, proof of purchase is required.
Settlement At a Glance
Settlement Amount
$0.09 per Share
Claim Form Deadline
07/09/2024
Exclusion Deadline (Opt-Out)
05/20/2024
Final Approval Hearing
05/20/2024
Additional Information
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