The Ademi Firm is investigating ON24 (NYSE: ONTF) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Cvent.
In the transaction, ON24 shareholders will receive $8.10 per share or a total consideration of approximately $400 million. ON24 insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for ON24 by imposing a significant penalty if ON24 accepts a competing bid. We are investigating the conduct of the ON24 board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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