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Business Wire 26-May-2023 8:04 PM
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into Olo Inc. (NYSE:OLO).
On August 11, 2022, Olo, a software company that connects individual restaurant locations to consumers directly through mobile and online ordering, announced disappointing results for 2Q2022, disclosing lowered revenue guidance and a flat active location count due to the loss of 2,500 Subway locations. Further, 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.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, violating federal securities laws. Recently, the court presiding over that case denied the Company's motion to dismiss, allowing the case to move forward.
KSF's investigation is focusing on whether Olo's officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Olo shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-938-0905 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-olo/ to learn more.
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 ksfcounsel.com.
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