Olo Investor Sues Over Nondisclosure of Subway Partnership End

Olo Inc. was sued by a pension fund alleging that the online ordering company failed to timely disclose the end of a partnership with Subway restaurants, one of its largest customers, causing a stock drop of 36% after the news was made public.

Pompano Beach Police and Firefighters’ Retirement System seeks to represent all Olo investors before the US District Court for the Southern District of New York, according to the complaint filed Monday.

The fund alleges that Olo’s behavior violated federal securities law and that it suffered damages for purchasing stock at an “artificially inflated price.”

Olo and Subway ...