Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF) on behalf of ON24 stockholders. Our investigation concerns whether ON24 has violated the federal securities laws and/or engaged in other unlawful business practices.
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On or about February 3, 2021, ON24 sold about 8.6 million shares of stock in its initial public stock offering (the “IPO”) at $50 a share, raising nearly $430 million in new capital. Since the IPO, the stock has plummeted.
On Wednesday, August 11, 2021, ON24 released its second quarter ended June 30, 2021, financial results and full-year guidance that missed analyst estimates. Net loss was $2.5 million, or $(0.05) per diluted share, compared to net income of $5.3 million, or $0.14 per diluted share in the second quarter of 2020. According to analysts at Robert Baird & Co., ONTF’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, to close at $22.31 per share on August 11, 2021.
If you purchased or otherwise acquired ON24 shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker, Melissa Fortunato, or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. 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, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210812005915/en/
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
