GlobeNewswire Inc | Mar 30, 2021 08:11PM EDT

March 31, 2021

PHILADELPHIA, March 30, 2021 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Ontrak, Inc. (Ontrak or the Company) (NASDAQ: OTRK) on behalf of investors who purchased shares of the Companys stock between November 5, 2020 and February 26, 2021, inclusive (the Class Period).

Ontrak investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 1585, or by email at skaskela@kaskelalaw.com or online at https://kaskelalaw.com/case/ontrak-inc/, for additional information about this action and their legal rights and options.

As detailed in the complaint, on March 1, 2021, Ontrak issued a press release announced preliminary financial results for fourth quarter and full year 2020. Therein, the Company disclosed 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 [Ontraks] 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. Additionally, the Company 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.

Following this news, shares of the Companys common stock fell $27.32, or more than 46% in value, to close on March 1, 2021 at $31.62 per share.

IMPORTANT DEADLINE:Investors who purchased Ontraks securities during the Class Period may, no later than May 3, 2021, seek to be appointed as a lead plaintiff representative in the action. Ontrak investors who suffered an investment loss in excess of $100,000 are encouraged to contact Kaskela Law LLC to discuss this opportunity to actively participate in the action.

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:D. Seamus Kaskela, Esq.KASKELA LAW LLC18 Campus Boulevard, Suite 100Newtown Square, PA 19073(484) 258 1585(888) 715 1740www.kaskelalaw.comskaskela@kaskelalaw.com