Olo Shareholders’ Counsel Get $2.2 Million in Securities Suit

Attorneys representing Olo Inc. investors will receive $2.25 million from a settlement of a securities suit that alleges the company misrepresented the number of restaurant locations using its software.

The attorneys’ fees amount to about 25% of the $9 million settlement fund that was preliminarily approved in February 2024, according to the order signed by Jed S. Rakoff, of the US District Court for the Southern District of New York. The class counsel was also granted about $731,000 in litigation costs while class representative Steamship Trade Association of Baltimore-International Longshoremen’s Association Pension Fund received approval for $50,000 for its role ...