NEW YORK, March 12, 2021 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP remind investors that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired MultiPlan Corporation (“MultiPlan” or the “Company”) f/k/a Churchill Capital Corp. III (“Churchill III”) (NYSE: MPLN) securities from July 12, 2020 through November 10, 2020, inclusive (the “Class Period”). Investors have until April 26, 2021 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Churchill III is a blank check company that merged with MultiPlan, a healthcare cost specialist. In July 2020, Churchill III announced that it had entered into a preliminary agreement, subject to shareholder approval, to merge with MultiPlan (the “Merger”). MultiPlan is a New York-based data analytics end-to-end cost management solutions provider to the U.S. healthcare industry. The MultiPlan class action lawsuit alleges that defendants made materially false and misleading statements in connection with the Merger and during the Class Period regarding the business, operation, and prospects of MultiPlan.
On November 11, 2020 – only one month after the close of the Merger – Muddy Waters published a report on Churchill III titled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab” (the “Muddy Waters Report”). Among other revelations, the Muddy Waters Report revealed that MultiPlan was in the process of losing its largest client, UnitedHealthcare, which was estimated to cost the Company up to 35% of its revenues and 80% of its levered free cash flow within two years.
As a result of this news, the price of Churchill III securities plummeted approximately 19.7%, or $1.72 per share, to close at $7.01 per share on November 11, 2020.
If you purchased or otherwise acquired Multiplan securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at [email protected], or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kirby McInerney LLP
Thomas W. Elrod, Esq.
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