ON24, Inc. (ONTF)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of ON24, Inc. (“ON24” or the “Company”) (NYSE: ONTF). The investigation concerns whether Kodiak and certain of its officers and/or directors have violated federal securities laws.
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.
If you are aware of any facts relating to this investigation, or purchased ON24 shares, you can assist this investigation. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.