Kessler Topaz Meltzer & Check, LLP: Reminds Investors of Securities Fraud Class Action Filed Against ON24, Inc.
RADNOR, Pa., Nov. 21, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against ON24, Inc. (“ON24”) (NYSE: ONTF). The action charges ON24 with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s February 2021 initial public offering (“IPO”). As a result of ON24’s materially misleading statements made in connection with the company’s registration statement and prospectus, investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: January 3, 2022
CLASS PERIOD: February 3, 2021 through November 3, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at info@ktmc.com
ON24’S ALLEGED MISCONDUCT
ON24 markets products and services based upon webcasting, virtual event and environment technology via an AI powered platform that enables businesses to scale engagement, conversions, and pipeline to drive revenue growth.
On February 3, 2021, ON24 conducted its IPO at $50 a share, selling 8.6 million shares of stock and generating nearly $430 million in new capital. On August 11, 2021, for the quarter ended June 30, 2021, ON24 reported a net loss of $2.5 million, compared to a net income of $5.3 million for the same period in the prior year. Following this news, ON24’s stock price fell $10.00 per share, or 30.95%, and closed at $22.31 on August 11, 2021. Since then, ON24’s stock has continued to plummet, and as of November 3, 2021, the company’s stock has declined over 60% from the IPO price.
WHAT CAN I DO?
ON24 investors may, no later than January 3, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages ON24 investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.