San Diego, CA -- (SBWIRE) -- 05/01/2023 -- An update was announced in the lawsuit that is pending for certain investors in shares of Olo Inc. (NYSE: OLO), over alleged violations of Federal Securities Laws by Olo Inc.

Investors who purchased shares of Olo Inc. (NYSE: OLO) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On September 26, 2022, a lawsuit was filed by an investor in Olo Inc. (NYSE: OLO) over alleged Securities Laws Violations by Olo Inc.

The plaintiff claimed that between August 11, 2021 and August 11, 2022, the Defendants misled investors and/or failed to disclose that Subway was ending its contract with Olo, that Olo's key business metric – active locations – could not continue to grow as Defendants touted due to the loss of Subway's business, and 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.

On January 13, 2023, an amended Complaint was filed and on February 3, 2023, the defendants filed a Motion to Dismiss the amended Complaint.

On April 10, 2023, the Court issued an Order denying Defendants' Motion to Dismiss.

Those who purchased shares of Olo Inc. (NYSE: OLO) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.