ON24, Inc.

  • Active

Investigation
11/03/2021

Initial Lawsuit
11/03/2021

Lawsuit Progression
02/03/2022

Investigation

  • Public Offering Date
    February 3, 2021
  • Proposed Claim
    Securities Violation

Investigation regarding statements made by ON24 in connection with its initial public offering (IPO) about customer profiles and contract renewal.

Main Event

Q2 2021 Results - Post IPO

08/10/2021

SEC Filing

ON24 announces its financial results for the second quarter of 2021, reducing its full year guidance for total revenue and announcing an expected loss of $(4.3) to $(1.3) million.

“The second quarter of 2021 was a transition quarter where we went from a ‘peak of Covid’ in Q2 2020 to a ’peak of vaccinations’ in Q2 2021 and we exited this quarter with a significantly improved quality of our customer base.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$22.31 $32.31 $-10 -30.95%
See more on Factual Timeline

Initial Lawsuit

Plaintiff brings this securities class action on behalf of a class consisting of all persons and entities that purchased, or otherwise acquired, ON24 common stock issued in connection with the company’s initial public offering (IPO).

  • Filing Date
    11/03/2021
  • Public Offering Date
    02/03/2021
  • Transgression
    Securities Violation
  • Filing Firms
    Scott+Scott Attorneys at Law LLP
  • Case Title
    Douvia v. On24, Inc.
  • Docket Number
    4:21-cv-08578
  • Court
    California Northern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(i) the surge in COVID-19 customers ON24 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.

Defendants

  • Company
    ON24, Inc.
  • Chief Executive Officer
    Sharat Sharan
  • Chief Financial Officer
    Steven Vattuone
  • Director
    Irwin Federman
  • Director
    Denise Persson
  • Director
    Holger Staude
  • Director
    Dominique Trempont
  • Director
    Barry Zwarenstein
  • Underwriter
    Goldman Sachs & Co. LLC
  • Underwriter
    J.P. Morgan Securities LLC
  • Underwriter
    KeyBanc Capital Markets Inc.
  • Underwriter
    Robert W. Baird & Co. Incorporated
  • Underwriter
    Canaccord Genuity LLC
  • Underwriter
    Needham & Company, LLC
  • Underwriter
    Piper Sandler & Co.
  • Underwriter
    William Blair & Company, L.L.C.

Lawsuit progression

  • Docket Number
    4:21-cv-08744
  • Court
    California Northern District Court

Lead Counsel

02/03/2022

The court issued an order appointing the lead plaintiff and lead counsel.

[stockdio-historical-chart symbol=”ONTF” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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