Kaskela Law LLC Announces Important Deadline in Shareholder Class Action Lawsuit Against Ontrak, Inc. (OTRK) and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm
PHILADELPHIA, April 24, 2021 (GLOBE NEWSWIRE) – Kaskela Law LLC announces that a class action lawsuit has been filed against Ontrak, Inc. (“Ontrak” or the “Company”) (NASDAQ: OTRK) on behalf of investors for purchased shares in the company between November 5, 2020 and February 26, 2021including (the “Class Period”).
IMPORTANT DEADLINE: Investors who have purchased Ontrak securities during the class period can: no later than May 3, 2021try to be appointed as the plaintiff’s principal agent in the lawsuit.
Ontrak investors who have suffered an investment loss of more than $ 100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) To turn https://kaskelalaw.com/case/ontrak-inc/to discuss this opportunity to actively participate in the action as the lead plaintiff’s agent.
As set out in the complaint, Ontrak issued a press release on March 1, 2021 announcing preliminary financial results for the fourth quarter and full year 2020. In it, the company announced that its largest customer had terminated its contract with Ontrak effective June 26, 2021. The company stated that this customer “rates Ontrak on a vendor basis” and “[a]This is how the customer rates it [Ontrak’s] Performance is based on [its] Ability to get the lowest possible cost per doctor visit and no further [its] Clinical outcome data or medical cost savings. In addition, the company stated that “the coaching model that Ontrak pioneered for over a decade was viewed by the customer as being less relevant to their performance metrics.”
Following the news, the company’s common stock fell $ 27.32, or more than 46%, to close at $ 31.62 per share on March 1, 2021.
Ontrak investors who have suffered an investment loss of more than $ 100,000 are encouraged to contact Kaskela Law LLC for more information about this action and their statutory rights and options. Kaskela Law LLC only represents investors in the areas of securities fraud, corporate governance, and merger and acquisition disputes. For more information on Kaskela Law LLC, please visit www.kaskelalaw.com.
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073