NEW YORK, NY / ACCESSWIRE / March 10, 2021 / Pomerantz LLP is investigating claims on behalf of investors of Ontrak, Inc.("Ontrak" or the "Company") (NASDAQ:OTRK). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Ontrak and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 1, 2021, Ontrak issued a press release announcing the Company's 2020 fourth quarter and year end financial results. Among other results, Ontrak cut its 2021 guidance, announcing the loss of its largest customer. Specifically, Ontrak's Chairman and Chief Executive Officer Terren Peizer disclosed that "[a]fter a long process with our largest customer where we believed we were working towards an extended and expanded contract, we were notified after market close on February 26, 2021 that our participation status with this customer will be terminated effective June 26, 2021. We were advised to stop enrollment of new members for this customer and await guidance from the customer on transition plans for the 8,400 members who are currently benefiting from the Ontrak program."
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, 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 www.pomerantzlaw.com
SOURCE: Pomerantz LLP
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