This case was last updated from U.S. District Courts on 01/02/2022 at 07:16:14 (UTC).

Douvia v. ON24, Inc. et al

Case Summary

On November 3, 2021, James Douvia (“Plaintiff”), individually and on behalf of all others similarly situated, represented by John T. Jasnoch and Thomas L. Laughlin, IV of Scott+Scott Attorneys at Law LLP, filed a class action lawsuit against ON24, Inc., Sharat Sharan, Steven Vattuone, Irwin Federman and others (collectively, “Defendants”), seeking declaratory reliefs and damages along with prejudgement and post-judgement interests, among other reliefs, for the Defendants' alleged misrepresentation. This case was filed in U.S. District Court in the Northern District of California with Judge Yvonne G. Rogers presiding.

In the complaint, the Plaintiff alleged that, “Plaintiff brings this federal class action under §§11, 12, and 15 of the Securities Act of 1933 (“Securities Act”) against (i) ON24, Inc. (“ON24” or the “Company”), (ii) certain of the Company’s senior executives and directors who signed the Registration Statement, effective February 2, 2021, issued in connection with the Company’s initial public offering (the “IPO” or the “Offering”), and the underwriters of the Offering. Plaintiff alleges that the Registration Statement and Prospectus (filed with the SEC on January 8, 2021 and February 4, 2021, respectively), including all amendments thereto, contained materially incorrect or misleading statements and/or omitted material information that was required by law to be disclosed.”

The Plaintiff further alleged that, “Defendants are each strictly liable for such misstatements and omissions therefrom (subject only to their ability to establish a “due diligence” affirmative defense) and as so liable in their capacities as signers of the Registration Statement and/or as an issuer, statutory seller, and/or offeror of the shares sold pursuant to the Offering” and “Unbeknownst to investors, however, the Offering Documents representations were materially inaccurate, misleading, and/or incomplete because they 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.”

The Plaintiff also alleged that, “The Offering Documents were negligently prepared and, as a result, contained untrue statements of material facts or omitted to state other facts necessary to make the statements made not misleading, and was not prepared in accordance with the rules and regulations governing its preparation.” The Plaintiff then alleged that, “The Offering Documents, however, were false and misleading and omitted to state that, at the time of the Offering, 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” 

There are three claims of relief laid down by the Plaintiff. The first claim is for the alleged violation of §11 of the Securities Act. The second claim is for the alleged violation of §12(a) of the Securities Act. The third claim is for the alleged violation of §15 of the Securities Act. 

In the prayer for relief, the Plaintiff requested the Court to certify this action as a class action and appoint the Plaintiff as the representative. Furthermore, the Plaintiff requested the Court for compensatory relief along with pre-judgment and post-judgment interest, as well as reasonable attorneys’ fees, expert witness fees, other costs and disbursements and any other relief the Court deems just and proper.

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    4:21-CV-08578

  • Filing Date:

    11/03/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Yvonne Gonzalez Rogers

 

Party Details

Plaintiff

James Douvia

Defendants

ON24, Inc.

Sharat Sharan

Steven Vattuone

Irwin Federman

Denise Persson

Holger Staude

Dominique Trempont

Barry Zwarenstein

Goldman Sachs & Co. LLC

J.P. Morgan Securities LLC

KeyBanc Capital Markets Inc.

Robert W. Baird & Co. Incorporated

Canaccord Genuity LLC

Needham & Company, LLC

Piper Sandler & Co.

William Blair & Company, L.L.C.

Attorney/Law Firm Details

Plaintiff Attorneys

John T. Jasnoch

Attorney at Scott+Scott Attorneys at Law LLP

600 West Broadway, Suite 3300

San Diego, CA 92101

Thomas L Laughlin, IV

Attorney at Scott+Scott, Attorneys at Law, LLP

The Helmsley Building, 230 Park Avenue, 17Th Floor

New York, NY 10169

Defendant Attorneys

Anna Erickson White

Attorney at Morrison & Foerster LLP

425 Market Street

San Francisco, CA 94105-2482

Charlene Sachi Shimada

Attorney at Morgan, Lewis & Bockius LLP

One Market Street, Spear Street Tower

San Francisco, CA 94105

Kevin M Papay

Attorney at Morgan, Lewis & Bockius LLP

One Market Street, Spear Street Tower

San Francisco, CA 94105

Robert Henderson O'Leary

Attorney at Morgan, Lewis & Bockius LLP

One Market, Spear Street Tower

San Francisco, CA 94105

 

Court Documents

#28

(#28) ORDER AS MODIFIED by Judge Yvonne Gonzalez Rogers Granting #15 STIPULATION EXTENDING DEFENDANTS' RESPONSE DEADLINE PENDING APPOINTMENT OF LEAD PLAINTIFF AND LEAD COUNSEL AND VACATING INITIAL CASE MANAGEMENT CONFERENCE. Status Report due by 1/7/2022. (amg, COURT STAFF) (Filed on 12/3/2021) (Entered: 12/03/2021)

#27

(#27) Corporate Disclosure Statement by Canaccord Genuity LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Needham & Company, LLC, Piper Sandler & Co., Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C. identifying Corporate Parent The Goldman Sachs Group, Inc. for Goldman Sachs & Co. LLC ; Corporate Parent Baird Financial Corporation, Corporate Parent Baird Financial Group, Inc. for Robert W. Baird & Co. Incorporated; Corporate Parent JPMorgan Chase & Co., Corporate Parent J.P. Morgan Broker-Dealer Holdings Inc. for J.P. Morgan Securities LLC; Corporate Parent Needham Group, Inc. for Needham & Company, LLC; Corporate Parent WBC Holdings, LP for William Blair & Company, L.L.C.; Corporate Parent Piper Sandler Companies for Piper Sandler & Co.; Corporate Parent KeyCorp for KeyBanc Capital Markets Inc.; Corporate Parent Canaccord Genuity Group Inc., Corporate Parent Canaccord Adams Delaware Inc., Corporate Parent Collins Stewart Inc., Corporate Parent Canaccord Adams Financial Group Inc. for Canaccord Genuity LLC. (Shimada, Charlene) (Filed on 11/23/2021) (Entered: 11/23/2021)

#26

(#26) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Barry Zwarenstein waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#25

(#25) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Steven Vattuone waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#24

(#24) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Dominique Trempont waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#23

(#23) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Holger Staude waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#22

(#22) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Sharat Sharan waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#21

(#21) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Denise Persson waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

#15

(#28) ORDER AS MODIFIED by Judge Yvonne Gonzalez Rogers Granting #15 STIPULATION EXTENDING DEFENDANTS' RESPONSE DEADLINE PENDING APPOINTMENT OF LEAD PLAINTIFF AND LEAD COUNSEL AND VACATING INITIAL CASE MANAGEMENT CONFERENCE. Status Report due by 1/7/2022. (amg, COURT STAFF) (Filed on 12/3/2021) (Entered: 12/03/2021)

#8

(#8) SUMMONS Returned Executed by James Douvia. Goldman Sachs & Co. LLC served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

#7

(#7) SUMMONS Returned Executed by James Douvia. Canaccord Genuity LLC served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

#6

(#6) Summons Issued as to All Defendants. (msr, COURT STAFF) (Filed on 11/4/2021) (Entered: 11/04/2021)

5 #1

Supplement

5 #5

Main Document

#3

(#3) MOTION for leave to appear in Pro Hac Vice ( Filing fee $ 317, receipt number ACANDC-16590133.) filed by James Douvia. (Laughlin, Thomas) (Filed on 11/3/2021) (Entered: 11/03/2021)

#2

(#2) Proposed Summons. (Jasnoch, John) (Filed on 11/3/2021) (Entered: 11/03/2021)

1 #1

Civil Cover Sheet

1 #1

Main Document

19 More Documents Available
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Docket Entries

  • 12/03/2021
  • View Court Documents
  • Docket(#28) ORDER AS MODIFIED by Judge Yvonne Gonzalez Rogers Granting #15 STIPULATION EXTENDING DEFENDANTS' RESPONSE DEADLINE PENDING APPOINTMENT OF LEAD PLAINTIFF AND LEAD COUNSEL AND VACATING INITIAL CASE MANAGEMENT CONFERENCE. Status Report due by 1/7/2022. (amg, COURT STAFF) (Filed on 12/3/2021) (Entered: 12/03/2021)

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  • 11/23/2021
  • View Court Documents
  • Docket(#27) Corporate Disclosure Statement by Canaccord Genuity LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Needham & Company, LLC, Piper Sandler & Co., Robert W. Baird & Co. Incorporated, William Blair & Company, L.L.C. identifying Corporate Parent The Goldman Sachs Group, Inc. for Goldman Sachs & Co. LLC ; Corporate Parent Baird Financial Corporation, Corporate Parent Baird Financial Group, Inc. for Robert W. Baird & Co. Incorporated; Corporate Parent JPMorgan Chase & Co., Corporate Parent J.P. Morgan Broker-Dealer Holdings Inc. for J.P. Morgan Securities LLC; Corporate Parent Needham Group, Inc. for Needham & Company, LLC; Corporate Parent WBC Holdings, LP for William Blair & Company, L.L.C.; Corporate Parent Piper Sandler Companies for Piper Sandler & Co.; Corporate Parent KeyCorp for KeyBanc Capital Markets Inc.; Corporate Parent Canaccord Genuity Group Inc., Corporate Parent Canaccord Adams Delaware Inc., Corporate Parent Collins Stewart Inc., Corporate Parent Canaccord Adams Financial Group Inc. for Canaccord Genuity LLC. (Shimada, Charlene) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#26) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Barry Zwarenstein waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#25) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Steven Vattuone waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#24) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Dominique Trempont waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#23) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Holger Staude waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#22) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Sharat Sharan waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#21) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Denise Persson waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#20) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by ON24, Inc. waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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  • 11/23/2021
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  • Docket(#19) WAIVER OF SERVICE Returned Executed filed by James Douvia. Service waived by Irwin Federman waiver sent on 11/8/2021, answer due 1/7/2022. (Jasnoch, John) (Filed on 11/23/2021) (Entered: 11/23/2021)

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8 More Docket Entries
  • 11/17/2021
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  • Docket(#10) SUMMONS Returned Executed by James Douvia. KeyBanc Capital Markets Inc. served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/17/2021
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  • Docket(#9) SUMMONS Returned Executed by James Douvia. J.P. Morgan Securities LLC served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/17/2021
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  • Docket(#8) SUMMONS Returned Executed by James Douvia. Goldman Sachs & Co. LLC served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/17/2021
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  • Docket(#7) SUMMONS Returned Executed by James Douvia. Canaccord Genuity LLC served on 11/8/2021, answer due 11/29/2021. (Jasnoch, John) (Filed on 11/17/2021) (Entered: 11/17/2021)

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  • 11/04/2021
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  • Docket(#6) Summons Issued as to All Defendants. (msr, COURT STAFF) (Filed on 11/4/2021) (Entered: 11/04/2021)

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  • 11/04/2021
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  • Docket(#5) Initial Case Management Scheduling Order with ADR Deadlines: Notice: The assigned judge participates in the Cameras in the Courtroom Pilot Project. See General Order No. 65 and http://cand.uscourts.gov/cameras. Case Management Statement due by 1/31/2022. Initial Case Management Conference set for 2/7/2022 02:00 PM in Oakland, Courtroom 1, 4th Floor. (Attachments: #1 Supplement)(msr, COURT STAFF) (Filed on 11/4/2021) (Entered: 11/04/2021)

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  • 11/04/2021
  • Docket(#4) Case assigned to Judge Yvonne Gonzalez Rogers. Counsel for plaintiff or the removing party is responsible for serving the Complaint or Notice of Removal, Summons and the assigned judge's standing orders and all other new case documents upon the opposing parties. For information, visit E-Filing A New Civil Case at http://cand.uscourts.gov/ecf/caseopening.Standing orders can be downloaded from the court's web page at www.cand.uscourts.gov/judges. Upon receipt, the summons will be issued and returned electronically. Counsel is required to send chambers a copy of the initiating documents pursuant to L.R. 5-1(e)(7). A scheduling order will be sent by Notice of Electronic Filing (NEF) within two business days. (mbc, COURT STAFF) (Filed on 11/4/2021) (Entered: 11/04/2021)

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  • 11/03/2021
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  • Docket(#3) MOTION for leave to appear in Pro Hac Vice ( Filing fee $ 317, receipt number ACANDC-16590133.) filed by James Douvia. (Laughlin, Thomas) (Filed on 11/3/2021) (Entered: 11/03/2021)

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  • 11/03/2021
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  • Docket(#2) Proposed Summons. (Jasnoch, John) (Filed on 11/3/2021) (Entered: 11/03/2021)

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  • 11/03/2021
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  • Docket(#1) COMPLAINT against Canaccord Genuity LLC, Irwin Federman, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Needham & Company, LLC, ON24, Inc., Denise Persson, Piper Sandler & Co., Robert W. Baird & Co. Incorporated, Sharat Sharan, Holger Staude, Dominique Trempont, Steven Vattuone, William Blair & Company, L.L.C., Barry Zwarenstein ( Filing fee $ 402, receipt number ACANDC-16590092.). Filed byJames Douvia. (Attachments: #1 Civil Cover Sheet)(Jasnoch, John) (Filed on 11/3/2021) (Entered: 11/03/2021)

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