On August 5, 2026, Onterris reported second-quarter revenue of $186.7 million, marking a 20.4% decline year-over-year. While the company pointed to low emergency-response activity and temporary regulatory waivers affecting its air-testing division, the market reaction was swift. Bank of America responded to the results by downgrading the stock, citing significant execution risks and the impact of deregulation on the company’s business model.

The inquiry centers on statements made by CEO Vijay Manthripragada during an August 7, 2025, earnings call. At that time, Manthripragada claimed clients were showing no shift in their compliance posture and that he did not expect significant impacts on operations. Levi & Korsinsky is now evaluating whether those claims obscured the true level of regulatory risk facing the company, potentially leaving investors with artificially inflated stock valuations.