San Diego, CA -- (SBWire) -- 11/16/2021 --An investor, who purchased shares of ON24, Inc. (NYSE: ONTF), filed a lawsuit over alleged violations of Federal Securities Laws by ON24, Inc. in connection with ON24's February 2021 initial public offering ("IPO").
Investors who purchased shares of ON24, Inc. (NYSE: ONTF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 3, 2021. NYSE: ONTF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Francisco, CA based ON24, Inc. provides a cloud-based digital experience platform that enables businesses to convert customer engagement into revenue through interactive webinar, virtual event, and multimedia content experiences worldwide.
On or about February 3, 2021, ON24, Inc. (NYSE: ONTF) 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..
On Wednesday, August 11, 2021, ON24, Inc. (NYSE: ONTF) 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.
Shares of ON24, Inc. (NYSE: ONTF) declined to under $18 per share in early November 2021.
The plaintiff alleges on behalf of purchasers of ON24, Inc. (NYSE: ONTF) common shares, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that the 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.
Those who purchased shares of ON24, Inc. (NYSE: ONTF) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE:ONTF Investor Notice: Lawsuit Alleges Securities Laws Violations by ON24, Inc.
A lawsuit was filed on behalf of investors in ON24, Inc. (NYSE:ONTF) shares over alleged securities laws violations.