{"id":450270,"date":"2021-03-03T22:33:21","date_gmt":"2021-03-04T03:33:21","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=450270"},"modified":"2021-03-03T22:33:21","modified_gmt":"2021-03-04T03:33:21","slug":"otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/","title":{"rendered":"OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc."},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc.<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=Glancy+Prongay+%26amp%3B+Murray+LLP&amp;index=1&amp;md5=d2d3f5f2270f59e73ed362de82ea90c7\">Glancy Prongay &amp; Murray LLP<\/a> (\u201cGPM\u201d) announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned <i>Farhar v. Ontrak, Inc., et al.,<\/i> (Case No. 2:21-cv-01987) on behalf of persons and entities that purchased or otherwise acquired Ontrak, Inc. (\u201cOntrak\u201d or the \u201cCompany\u201d) (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2Fotrk&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=OTRK&amp;index=2&amp;md5=5bdf69c4c0b69b2318cfe74b6165137e\">OTRK<\/a>) securities between <b>November 5, 2020 and February 26, 2021<\/b>, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d).\n<\/p>\n<p>\nInvestors are hereby notified that they have until <b>60 days from this notice<\/b> to move the Court to serve as lead plaintiff in this action.\n<\/p>\n<p>\nIf you suffered a loss on your Ontrak investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fontrak-inc%2F&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fontrak-inc%2F&amp;index=3&amp;md5=01f33729c0523413b5ba335eb1b4a168\">https:\/\/www.glancylaw.com\/cases\/ontrak-inc\/<\/a>. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a> or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=4&amp;md5=d209d9954ca469afb836a2db9813ff0b\">www.glancylaw.com<\/a> to learn more about your rights.\n<\/p>\n<p>\nOn 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 \u201cevaluated Ontrak on a provider basis\u201d and \u201c[a]s such, the customer evaluated [Ontrak\u2019s] 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.\u201d The Company also stated that \u201cthe coaching model which Ontrak has pioneered for over a decade was seen by the customer to be less relevant to their performance metrics.\u201d\n<\/p>\n<p>\nOn this news, the Company\u2019s share price fell $27.32, or more than 46%, to close at $31.62 per share on March 1, 2021, thereby injuring investors.\n<\/p>\n<p>\nThe complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Ontrak\u2019s largest customer evaluated the Company on a provider basis, valuing Ontrak\u2019s performance based on achieving the lowest cost per medical visit rather than clinical outcomes or medical cost savings; (2) that, as a result, Ontrak\u2019s largest customer did not find the Company\u2019s program to be effective and was reasonably likely to terminate its contract with Ontrak; (3) that, because this customer accounted for a significant portion of the Company\u2019s revenue, the loss of the customer would have an outsized impact on Ontrak\u2019s financial results; and (4) that, as a result of the foregoing, Defendants\u2019 positive statements about the Company\u2019s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.\n<\/p>\n<p>\nFollow us for updates on <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglancy-prongay-murray-llp&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=5&amp;md5=9d09d8c9874a7d7519a827e7662d43c6\">LinkedIn<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FGPM_llp&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=Twitter&amp;index=6&amp;md5=732ac1278202bf9e400179cc0d7cf869\">Twitter<\/a>, or <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.facebook.com%2FGlancyLawFirm%2F&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=Facebook&amp;index=7&amp;md5=1e1892a87bcb4774a761cd7356fe214b\">Facebook<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired the Ontrak securities during the Class Period, you may move the Court no later than <b>60 days from this notice <\/b>ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to <a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com%2F&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=8&amp;md5=c103616a6dc83b3b370711a25522c11e\">www.glancylaw.com<\/a>. If you inquire by email please include your mailing address, telephone number and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210303006067r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210303006067\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210303006067\/en\/<\/a><\/span><\/p>\n<p>\nGlancy Prongay &amp; Murray LLP, Los Angeles<br \/>\n<br \/>Charles H. Linehan, 310-201-9150 or 888-773-9224<br \/>\n<br \/>1925 Century Park East, Suite 2100<br \/>\n<br \/>Los Angeles, CA 90067<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.glancylaw.com&amp;esheet=52390620&amp;newsitemid=20210303006067&amp;lan=en-US&amp;anchor=www.glancylaw.com&amp;index=9&amp;md5=57471fd5aa0e3f025bdcba8dad2606a8\">www.glancylaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"mailto:shareholders@glancylaw.com\">shareholders@glancylaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210303006067\/en\/478343\/3\/GPM_Logo_Colo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned Farhar v. Ontrak, Inc., et al., (Case No. 2:21-cv-01987) on behalf of persons and entities that purchased or otherwise acquired Ontrak, Inc. (\u201cOntrak\u201d or the \u201cCompany\u201d) (NASDAQ: OTRK) securities between November 5, 2020 and February 26, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from this notice to move &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-450270","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc. - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc. - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc. LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned Farhar v. Ontrak, Inc., et al., (Case No. 2:21-cv-01987) on behalf of persons and entities that purchased or otherwise acquired Ontrak, Inc. (\u201cOntrak\u201d or the \u201cCompany\u201d) (NASDAQ: OTRK) securities between November 5, 2020 and February 26, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). 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LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;Glancy Prongay &amp; Murray LLP (\u201cGPM\u201d) announces that it has filed a class action lawsuit in the United States District Court for the Central District of California captioned Farhar v. Ontrak, Inc., et al., (Case No. 2:21-cv-01987) on behalf of persons and entities that purchased or otherwise acquired Ontrak, Inc. (\u201cOntrak\u201d or the \u201cCompany\u201d) (NASDAQ: OTRK) securities between November 5, 2020 and February 26, 2021, inclusive (the \u201cClass Period\u201d). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the \u201cExchange Act\u201d). Investors are hereby notified that they have until 60 days from this notice to move &hellip; Continue reading \"OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; Murray LLP Files Securities Fraud Lawsuit Against Ontrak, Inc.\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-04T03:33:21+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210303006067r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/otrk-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-ontrak-inc\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"OTRK CLASS ACTION NOTICE: Glancy Prongay &amp; 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