The Law Offices of Frank R. Cruz announces an investigation of Ontrak, Inc. ("Ontrak" or the "Company") (NASDAQ: OTRK) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On March 1, 2021, Ontrak issued a press release announced preliminary financial results for fourth quarter and full year 2020. Therein, the Company stated that its largest customer had terminated its contract with Ontrak, effective June 26, 2021. The Company stated that this customer "evaluated Ontrak on a provider basis" and "[a]s such, the customer evaluated [Ontrak’s] performance based on [its] ability to achieve the lowest possible cost per medical visit, and not on [its] clinical outcomes data or medical cost savings." The Company also stated that "the coaching model which Ontrak has pioneered for over a decade was seen by the customer to be less relevant to their performance metrics."
On this news, the Company’s share price fell $27.32, or more than 46%, to close at $31.62 per share on March 1, 2021, thereby injuring investors.
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If you purchased Ontrak securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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