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MPLN Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Notifies MultiPlan Corporation Investors of Class Action and Encourages Shareholders to Contact the Firm

/EIN News/ -- NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against MultiPlan Corporation f/k/a Churchill Capital Corp. III ("Churchill III") ("MultiPlan" or the "Company") (NASDAQ: MPLN) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired MultiPlan securities between July 12, 2020 and November 10, 2020, inclusive (the "Class Period") and on behalf of all holders of Churchill III Class A common stock entitled to vote on Churchill III’s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, "MultiPlan"), which merger was consummated in October 2020 (the "Merger"). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/mpln.    

This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts to investors.

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. Following this news, Churchill III stock dropped and by November 12, 2020, the price of Churchill III Class A common stock fell to a low of just $6.12 per share, nearly 40% below the price at which shareholders could have redeemed their shares at the time of the shareholder vote on the Merger.

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/mpln or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in MultiPlan you have until April 23, 2021 to request that the Court appoint you as lead plaintiff.  Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique.  Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients.  In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration.   Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com


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