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Case Status:    ONGOING    
On or around 11/30/2022 (Date of last review)

Filing Date: September 26, 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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