NEW YORK, Dec. 04, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF) in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased or otherwise acquired On24 securities pursuant and/or traceable to the February 2, 2021 Initial Public Offering (“IPO”). Investors have until January 11, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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ON24 is a cloud-based digital experience platform that purports to have seen an increased demand for its platform and products following the onset of the COVID-19 pandemic. On or about February 3, 2021, ON24 conducted its IPO, offering 8,560,930 shares of its common stock to the public at a price of $50 per share (the “Offering Price”) for anticipated proceeds of approximately $428,046,500.
According to the complaint filed in the Northern District of California, representations made in the registration statement and prospectus used to effectuate the Company’s IPO were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the surge in COVID-19 customers observed in the lead up to the IPO consisted of a significant number that did not fit ON24’s traditional customer profile, and, as a result, were significantly less likely to renew their contracts.
After the IPO, as the true facts emerged, the value of the Company’s shares declined sharply. By the commencement of the action, ON24’s shares traded as low as $18.70 per share, a decline of nearly 63% from the IPO Offering Price.
If you purchased or otherwise acquired ON24 shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Alexandra Raymond by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.