According to the Complaint, ON24, Inc. purports to be a leading, cloud-based digital experience platform that saw increased demand for its platform and products following the onset of the COVID-19 pandemic. On or about February 3, 2021, ON24 conducted its initial public offering ("IPO").

The Complaint alleges that representations made in the registration statement and prospectus used to effectuate the ON24's IPO were materially inaccurate, misleading, and/or incomplete because they failed to disclose, among other things, that the surge in COVID-19 customers 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.

On February 3, 2022, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 21-CV-08578.

Lead Plaintiff filed a consolidated Complaint on March 18, 2022. Defendants filed a Motion to Dismiss the consolidated Complaint on May 2. On July 7, 2023, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

On September 1, 2023, Plaintiff filed an amended consolidated Complaint. Defendants filed a Motion to Dismiss the amended consolidated Complaint on October 16. On March 5, 2024, the Court granted the Motion to Dismiss with prejudice. Lead Plaintiff filed a notice appealing the Court's Dismissal Order on April 4.