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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
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Los Angeles, CA 90067
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.