Olo Shareholders’ $9 Million Class Settlement Receives Early Nod

Olo Inc. investors were granted preliminary approval for a $9 million settlement after suing the company for allegedly misrepresenting the number of restaurant locations using its software.

Class representative Steamship Trade Association of Baltimore-International Longshoremen’s Association Pension Fund sued Olo—a technology company that connects consumers directly to restaurants online—and several of its executives for allegedly violating the Securities Exchange Act of 1934 after failing to disclose the upcoming end of its partnership with Subway restaurants. This damaged investors when the end of the partnership was made public, the complaint said.

• The US District Court for the Southern District of New ...