The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against ON24, Inc. (ONTF)
LOS ANGELES--(BUSINESS WIRE)--Dec 28, 2021--
The Law Offices of Frank R. Cruz reminds investors of the upcoming January 3, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF ) common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s February 2021 initial public offering (“IPO” or the “Offering”).
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In February 2021, ON24 conducted its initial public offering (“IPO”), selling 8,560,930 shares of its common stock at a price of $50 per share.
Then, on August 10, 2021, after the markets closed, ON24 announced its second quarter 2021 financial results and provided guidance for the remainder of the year. Specifically, ON24 expected revenue of no more than $48.5 million in the third quarter and $204.5 million for fiscal year 2021, missing analyst consensus estimates by $2.7 million and $4.5 million, respectively.
On this news, ON24’s stock declined $10.00, or nearly 31%, to close at $22.31 per share on August 11, 2021. Since the IPO, ON24’s stock has traded as low as $18.66 per share, 63% below the IPO price of $50 per share.
The complaint filed in this class action alleges that the Registration Statement was materially misleading because it 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.
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If you purchased or otherwise acquired ON24 securities during the Class Period, you may move the Court no later than January 3, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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CONTACT: The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: The Law Offices of Frank R. Cruz
Copyright Business Wire 2021.
PUB: 12/28/2021 11:05 AM/DISC: 12/28/2021 11:06 AM