An investor sued Olo Inc.'s senior leaders, claiming they inflated the payments company’s share price with false hype about its client base while its CEO made millions on insider stock sales.
The lawsuit targets founder Noah Glass, along with other current and former members of management and the board. It accuses them of pumping up Olo’s stock by hiding the loss of its largest client, Subway, while Glass and another executive made more than $10 million in trades at the inflated prices.
When the truth about Subway emerged in August 2022, the company revised its forecasts downward, leading to a ...