NEW ORLEANS, LA / ACCESSWIRE / September 29, 2022 / Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 28, 2022 to file lead plaintiff applications in a securities class action lawsuit against Olo Inc. (NYSE:OLO), if they purchased the Company's shares between August 11, 2021 and August 11, 2022, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Olo and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-olo/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 28, 2022.
About the Lawsuit
Olo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 11, 2022, the Company announced disappointing results for 2Q2022, disclosing lowered revenue guidance and a flat active location count due to the loss of 2,500 Subway locations resulting from Subway's implementation of direct integration with marketplaces, and that the Company expected the remaining Subway locations to also end their contracts by 4Q2022 or 1Q2023, which effects the Company claimed to have incorporated into its guidance months earlier without informing the market.
On this news, shares of Olo stock plummeted approximately 36%, from a closing price of $12.99 per share on August 11, 2022, to a closing price of $8.26 per share on August 12, 2022.
The case is Pompano Beach Police and Firefighters' Retirement System v. Olo Inc., No. 1:22-cv-08228.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients - including public institutional investors, hedge funds, money managers and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE: Kahn Swick & Foti, LLC