Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired ON24, Inc. (“ON24”) (NYSE: ONTF) common stock pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with ON24’s initial public offering (“IPO”) on or about February 3, 2021.
ON24 offers a cloud-based digital experience platform that purports to enable businesses to convert customer engagement into revenue through interactive webinars, events, and content experiences.
The complaint alleges that the Registration Statement was materially false and misleading and failed to disclose, inter alia, that 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.
Current Status of Case:
On March 5, 2024, the Court granted Defendants’ Motion to Dismiss with prejudice. On April 4, 2024, Lead Plaintiff filed a Notice of Appeal with the Ninth Circuit Court of Appeals. The appeal has been fully briefed and is pending decision before the Court. This action is ongoing.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.