{"id":471314,"date":"2021-04-06T05:28:18","date_gmt":"2021-04-06T09:28:18","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=471314"},"modified":"2021-04-06T05:28:18","modified_gmt":"2021-04-06T09:28:18","slug":"shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/","title":{"rendered":"SHAREHOLDER ALERT:  Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; OTRK"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">April 6, 2021<\/span> \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Ontrak, Inc. (&#8220;Ontrak&#8221; or the &#8220;Company&#8221;) (NASDAQ: OTRK) and certain of its officers.\u00a0The class action, filed in <span class=\"xn-location\">the United States<\/span> District Court for the Central District of <span class=\"xn-location\">California<\/span>, and docketed under 21-cv-02460, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Ontrak securities between <span class=\"xn-chron\">November 5, 2020<\/span> and <span class=\"xn-chron\">February 26, 2021<\/span>, inclusive (the &#8220;Class Period&#8221;).\u00a0Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;).<\/p>\n<p>If you are a shareholder who purchased Ontrak securities during the Class Period, you have until <span class=\"xn-chron\">May 3<\/span>, 2021\u00a0to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119661-2&amp;h=1034116630&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a>.\u00a0To discuss this action, contact <span class=\"xn-person\">Robert S. Willoughby<\/span> at <a target=\"_blank\" href=\"mailto:newaction@pomlaw.com\" rel=\"nofollow noopener noreferrer\">newaction@pomlaw.com<\/a>\u00a0or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.\u00a0 <\/p>\n<p class=\"prntac\">\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119661-2&amp;h=3520999780&amp;u=https%3A%2F%2Fpomlaw.com%2Flearn-more-form%3Fcompany%3DOTRK&amp;a=%5BClick+here+for+information+about+joining+the+class+action%5D\" rel=\"nofollow noopener noreferrer\">[Click here for information about joining the class action]<\/a>\n      <\/p>\n<p>Ontrak is a healthcare company that offers a Predict-Recommend-Engage platform that organizes and automates healthcare data integration and analytics.\u00a0A critical component of this platform are Ontrak programs, which are designed to provide healthcare solutions to members with behavioral conditions that cause or exacerbate chronic medical conditions.<\/p>\n<p>The complaint 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&#8217;s business, operations, and prospects.\u00a0 Specifically, Defendants failed to disclose to investors: (1) that Ontrak&#8217;s largest customer evaluated the Company on a provider basis, valuing Ontrak&#8217;s performance based on achieving the lowest cost per medical visit rather than clinical outcomes or medical cost savings; (2) that, as a result, Ontrak&#8217;s largest customer did not find the Company&#8217;s 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&#8217;s revenue, the loss of the customer would have an outsized impact on Ontrak&#8217;s financial results; and (4) that, as a result of the foregoing, Defendants&#8217; positive statements about the Company&#8217;s business, operations, and prospects were materially misleading and\/or lacked a reasonable basis.<\/p>\n<p>On <span class=\"xn-chron\">March 1, 2021<\/span>, Ontrak issued a press release announced preliminary financial results for fourth quarter and full year 2020.\u00a0 Therein, the Company stated that its largest customer had terminated its contract with Ontrak, effective <span class=\"xn-chron\">June 26, 2021<\/span>. The Company stated that this customer &#8220;evaluated Ontrak on a provider basis&#8221; and &#8220;[a]s such, the customer evaluated [Ontrak&#8217;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.&#8221;\u00a0The Company also stated that &#8220;the coaching model which Ontrak has pioneered for over a decade was seen by the customer to be less relevant to their performance metrics.&#8221;<\/p>\n<p>On this news, the Company&#8217;s share price fell <span class=\"xn-money\">$27.32<\/span>, or more than 46%, to close at <span class=\"xn-money\">$31.62<\/span> per share on <span class=\"xn-chron\">March 1, 2021<\/span>, thereby injuring investors.<\/p>\n<p>The Pomerantz Firm, with offices in <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Chicago<\/span>, <span class=\"xn-location\">Los Angeles<\/span>, and <span class=\"xn-location\">Paris<\/span> is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late <span class=\"xn-person\">Abraham L. Pomerantz<\/span>, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3119661-2&amp;h=1034116630&amp;u=http%3A%2F%2Fwww.pomerantzlaw.com%2F&amp;a=www.pomerantzlaw.com\" rel=\"nofollow noopener noreferrer\">www.pomerantzlaw.com<\/a><\/p>\n<p>CONTACT: <br \/><span class=\"xn-person\">Robert S. Willoughby<\/span><br \/>Pomerantz LLP <br \/><a target=\"_blank\" href=\"mailto:rswilloughby@pomlaw.com\" rel=\"nofollow noopener noreferrer\">rswilloughby@pomlaw.com<\/a> \u00a0<br \/>888-476-6529 ext. 7980<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33137&amp;sd=2021-04-06\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert--pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline--otrk-301262658.html\">http:\/\/www.prnewswire.com\/news-releases\/shareholder-alert&#8211;pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline&#8211;otrk-301262658.html<\/a><\/p>\n<p>SOURCE  Pomerantz LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DC33137&amp;Transmission_Id=202104060525PR_NEWS_USPR_____DC33137&amp;DateId=20210406\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, April 6, 2021 \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Ontrak, Inc. (&#8220;Ontrak&#8221; or the &#8220;Company&#8221;) (NASDAQ: OTRK) and certain of its officers.\u00a0The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02460, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Ontrak securities between November 5, 2020 and February 26, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased Ontrak securities during the Class Period, you have until May 3, &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SHAREHOLDER ALERT:  Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; OTRK&#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-471314","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>SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline - OTRK - 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\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline - OTRK - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEW YORK, April 6, 2021 \/PRNewswire\/ &#8212; Pomerantz LLP announces that a class action lawsuit has been filed against Ontrak, Inc. (&#8220;Ontrak&#8221; or the &#8220;Company&#8221;) (NASDAQ: OTRK) and certain of its officers.\u00a0The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02460, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Ontrak securities between November 5, 2020 and February 26, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased Ontrak securities during the Class Period, you have until May 3, &hellip; Continue reading &quot;SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; OTRK&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-06T09:28:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33137&amp;sd=2021-04-06\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; 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Pomerantz LLP announces that a class action lawsuit has been filed against Ontrak, Inc. (&#8220;Ontrak&#8221; or the &#8220;Company&#8221;) (NASDAQ: OTRK) and certain of its officers.\u00a0The class action, filed in the United States District Court for the Central District of California, and docketed under 21-cv-02460, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Ontrak securities between November 5, 2020 and February 26, 2021, inclusive (the &#8220;Class Period&#8221;).\u00a0Plaintiff pursues claims against the Defendants under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;). If you are a shareholder who purchased Ontrak securities during the Class Period, you have until May 3, &hellip; Continue reading \"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; OTRK\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/","og_site_name":"Market Newsdesk","article_published_time":"2021-04-06T09:28:18+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=DC33137&amp;sd=2021-04-06","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-ontrak-inc-of-class-action-lawsuit-and-upcoming-deadline-otrk\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Ontrak, Inc., of Class Action Lawsuit and Upcoming Deadline &#8211; 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