NEW YORK, December 10, 2021 (GLOBE NEWSWIRE) – Scott + Scott Attorneys at Law LLP (âScott + Scottâ), an international shareholder and consumer rights litigation firm, has filed a securities class action lawsuit against ON24, Inc. (NYSE: ONTF) (âON24â or the âCompanyâ), certain directors and officers of ON24 and the underwriters of the initial public offering (âIPOâ) of ON24 in February 2021, alleging violations of Â§Â§ 11, 12 and 15 of the Law Titles, 15 USC Â§Â§ 77k, 77l (a) (2) and 77o. If you have purchased ON24 ordinary shares in accordance with and / or traceable to the registration statement and prospectus issued in connection with the company’s IPO on February 3, 2021 and have incurred losses, we encourage you to contact Scott + Scott’s attorney Jonathan Zimmerman at (888) 398-9312 for more information.
ON24 claims to be a leading cloud-based digital experience platform that has seen increased demand for its platform and products after the start of the COVID-19 pandemic. On or about February 3, 2021, ON24 went public, offering to the public 8,560,930 common shares at a price of $ 50 per share (the âOffer Priceâ) for expected proceeds of approximately 428,046 $ 500.
According to the complaint filed in the Northern District of California, the statements made in the registration statement and prospectus used to effect the company’s IPO were materially inaccurate, misleading and / or incomplete because they were not did not disclose, among other things, that the rise in COVID-19 clients seen before the IPO included a significant number that did not fit ON24’s traditional client profile and, therefore, were much less likely to renew their contracts.
After the IPO, as the real facts emerged, the value of the company’s shares fell sharply. At the start of the action, shares of ON24 were trading at just $ 18.70 per share, down nearly 63% from the IPO offering price.
Lead Applicant Deadline
The lead applicant’s deadline in this action is January 3, 2022. A notice has already been issued that incorrectly referred to the deadline as January 3, 2021.
Any proposed Class member may seek to serve as a Principal Complainant through any lawyer of their choice, or may choose to do nothing and remain a member of the proposed Class. The case is pending in the Northern District of California under file number 3: 21-cv-08578.
What you can do
If you bought Ordinary shares ON24 in accordance with and / or traceable to the IPO of the Company, or if you have any questions about this notice or your legal rights, you are encouraged to contact attorney Jonathan Zimmerman at (888) 398-9312 or [email protected].
About Scott + Scott
Scott + Scott has extensive experience in pursuing major securities, antitrust and consumer rights actions across the United States. The firm represents pension funds, foundations, individuals and other entities around the world with offices in New York, London, Amsterdam, Connecticut, California, Virginia and Ohio.
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