ONTRAK, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP notifies investors that a securities class action lawsuit has been filed in the United States District Court for the Central District of California against Ontrak, Inc.
NEW YORK, March 10, 2021 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of investors who purchased or acquired the securities of Ontrak, Inc. ("Ontrak" or the "Company") (NASDAQ: OTRK) from November 5, 2020, through February 26, 2021 (the "Class Period").
All investors who purchased shares of Ontrak, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Ontrak, Inc. you may, no later than May 3, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Ontrak, Inc.
On March 1, 2021, Ontrak issued a press release announced preliminary financial results for fourth quarter and full year 2020. 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.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
