SAN DIEGO, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Shareholder Rights Law Firm Johnson Fistel, LLP, is investigating potential claims against ON24, Inc. ("ON24" or the "Company") (NYSE: ONTF) for violations of federal securities laws.
On or about February 3, 2021, ON24 sold about 8.6 million shares of stock in its initial public stock offering (the "IPO") at $50 a share, raising nearly $430 million in new capital. Since the IPO, the stock has plummeted, closing at $19.29 on October 27, 2021.
On Wednesday, August 11, 2021, ON24 released its second quarter ended June 30, 2021, financial results and full-year guidance that missed analyst estimates. Net loss was $2.5 million, or $(0.05) per diluted share, compared to net income of $5.3 million, or $0.14 per diluted share in the second quarter of 2020. According to analysts at Robert Baird & Co., ONTF's strong revenue growth was offset by higher-than-expected churn among small and mid-sized businesses.
Specifically, Johnson Fistel's investigation seeks to determine whether the Company's filings with the U.S. Securities and Exchange Commission in connection with its February 2021 IPO and subsequent investor communications contained untrue statements of material facts or omitted to state other facts necessary to make the statements made therein not misleading concerning the Company's business, and operations.
If you have information that could assist in this investigation, or if you are an ON24 shareholder and are interested in learning more about the investigation, please contact Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471