NEW YORK, March 4, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating securities fraud claims on behalf of shareholders of Ontrak, Inc. ("Ontrak" or the "Company") (NASDAQ: OTRK) resulting from allegations that Ontrak might have issued misleading information to the investing public.
On 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 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.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.