Bragar Eagel & Squire, P.C. Reminds Investors that a Class Action Lawsuit Has Been Filed Against ON24, Inc. and Encourages Investors to Contact the Firm
NEW YORK, Nov 22, 2021 (GLOBE NEWSWIRE) – Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, reminds investors that a class action lawsuit has been filed against ON24, Inc. (“ON24” or the “Company”) ( NYSE: ONTF) at the United States District Court for the Northern District of California on behalf of all natural persons and legal entities, the securities of On24 according to the initial public offering of the 2nd “IPO”). Investors have until January 1, 2022 to apply to the court for appointment as the lead plaintiff in the litigation.
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ON24 is a cloud-based digital experience platform that is said to have seen increased demand for its platform and products after the outbreak of the COVID-19 pandemic. On or about February 3, 2021, ON24 went public and offered 8,560,930 shares of common stock at a price of $ 50 per share (the “Offer Price”) for expected proceeds of approximately $ 428,046,500.
According to the complaint filed in the Northern District of California, the information in the registration statement and prospectus used to conduct the company’s initial public offering was materially inaccurate, misleading and / or incomplete because, among other things, it did not disclose that the increase in Im COVID-19 customers observed prior to the IPO consisted of a significant number of customers who did not fit ON24’s traditional customer profile and therefore extended their contracts significantly less often.
After the IPO, when the real facts became known, the value of the company’s stock fell sharply. At the start of the lawsuit, ON24’s shares were trading at just $ 18.70 per share, a decrease of nearly 63% from the IPO offering price.
If you have bought or otherwise acquired ON24 shares and have suffered a loss, are a long-term shareholder, have information, would like to learn more about these claims, or have questions about this release or your rights or interests in relation to these matters, please contact Email Brandon Walker or Alexandra Raymond at email@example.com, call (212) 355-4648, or fill out this contact form. There are no costs or obligations for you.
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About Bragar Eagle & Squire, PC:
Bragar Eagel & Squire, PC 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, derivatives and other complex litigation in state and federal courts across the country. More information about the company can be found at www.bespc.com. Lawyer advertising. Previous results do not guarantee similar results.
Bragar Adler & Knappe, PC
Brandon Walker, Esq.
Alexandra B. Raymond, Esq.