Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, is investigating whether certain directors and officers of Ontrak, Inc. (“Ontrak”) (NASDAQ: OTRK) breached their fiduciary duties to Ontrak and its shareholders. If you are an Ontrak shareholder, you may contact attorney Joe Pettigrew for additional information toll-free at 844-818-6982 or email@example.com.
Scott+Scott is investigating whether members of the Ontrak Board of Directors (the “Board”) made, or caused Ontrak to make, false and/or misleading statements, as well as failed to disclose material adverse facts, about Ontrak’s business, operations, prospects, and financial health. Specifically, on March 1, 2021, Ontrak issued a press release announcing preliminary financial results for fourth quarter and full year 2020. Therein, Ontrak stated that its largest customer had terminated its contract with Ontrak, effective June 26, 2021. Ontrak 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.” Ontrak 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, Ontrak’s share price fell $27.32, or more than 46%, to close at $31.62 per share on March 1, 2021.
What You Can Do
If you are an Ontrak shareholder, you may have legal claims against Ontrak’s directors and officers. If you wish to discuss this investigation, or have questions about this notice or your legal rights, please contact attorney Joe Pettigrew toll-free at 844-818-6982 or firstname.lastname@example.org.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and consumer rights actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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