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, March 30, 2021 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Ontrak, Inc. (“Ontrak” or the “Company”) (NASDAQ: OTRK) on behalf of investors who purchased shares of the Company’s stock between November 5, 2020 and February 26, 2021, inclusive (the “Class Period”).

Ontrak investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at skaskela@kaskelalaw.com or online at https://ift.tt/2Pkz9T2, for additional information about this action and their legal rights and options.

As detailed in the complaint, on March 1, 2021, Ontrak issued a press release announced preliminary financial results for fourth quarter and full year 2020. Therein, the Company disclosed 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.” Additionally, the Company 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.”

Following this news, shares of the Company’s common stock fell $27.32, or more than 46% in value, to close on March 1, 2021 at $31.62 per share.

IMPORTANT DEADLINE: Investors who purchased Ontrak’s securities during the Class Period may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative in the action. Ontrak investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this opportunity to actively participate in the action.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:
D. Seamus Kaskela, Esq.
KASKELA LAW LLC
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 258 – 1585
(888) 715 – 1740
www.kaskelalaw.com
skaskela@kaskelalaw.com

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