Bread won't rise during proof after overnight fermentation

Whenever I try overnight fermentation for better flavor, I find that bread won’t rise so much after it has been shaped. The dough rises beautifully during the first fermentation on the first day so yeasts were definitely active the night before. Is it possible that yeast has died off overnight? I follow the rather conventional procedure of kneading-first fermentation at warm temperature-deflating a bit and putting in fridge overnight-shaping-proofing-baking. I allow adequate spacing during proofing process and of course overnight fermentation is done in the fridge.