NEW YORK, Aug. 16, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of ON24, Inc. («ON24 or the «Company») (NYSE: ONTF). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether ON24 and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around February 3, 2021, ON24 conducted its initial public offering, selling approximately 8.6 million shares of stock priced at $50.00 per share, raising $430 million in new capital. Then, on August 11, 2021, ON24 announced its financial results for the quarter ended June 30, 2021. For the quarter, ON24 disclosed a net loss of $2.5 million, or $0.05 per diluted share, compared to net income of $5.3 million, or $0.14 per diluted share for the same period in the prior year. According to analysts at Robert Baird & Co., ON24’s strong revenue growth was offset by higher-than-expected churn among small and mid-sized businesses.
On this news, ON24’s stock price fell $10.00 per share, or 30.95%, to close at $22.31 per share on August 11, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP