On24, Inc.
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
ON24 sold about 8.6 million shares of stock in its initial public stock offering at $50 a share on or about February 3, 2021, which raised nearly $430 million in new capital. The stock has plummeted since the IPO; The stock was trading as low as $21.50 in late-day trading on August 11, 2021. ON24 released its second quarter financial results and full-year guidance on Wednesday, August 11, 2021 that missed analyst estimates. ON24’s net loss was $2.5 million, or $(0.05) per diluted share, in comparison to net income of $5.3 million, or $0.14 per diluted share in the second quarter of 2020. ONTF’s strong revenue growth was offset by higher-than-expected churn among small and mid-sized businesses, according to analysts at Robert Baird & Co. This investigation seeks to determine whether ON24’s filings with the U.S. Securities and Exchange Commission in connection with its February 2021 IPO and subsequent investor communications contained statements of material facts that were untrue or omitted to state other facts necessary to make the statements made therein not misleading concerning ON24’s business, and operations.
