MPLN INVESTOR FILING DEADLINE: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion In a Securities Class Action Lawsuit Against MultiPlan Corporation

NEW YORK, March 16, 2021 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of MultiPlan Corporation ("MultiPlan") f/k/a Churchill Capital Corp. III. ("Churchill III" or the "Company") (NYSE: MPLN) between July 12, 2020 and November 10, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.

If you purchased MultiPlan securities, and/or would like to discuss your legal rights and options please visit MultiPlan Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]

Churchill III was formed in 2019 as a blank check company, or SPAC, in October 2019 and completed its IPO on or about February 14, 2020. In July, 2020, Churchill III announced that it had entered into a preliminary agreement to merge with MultiPlan, a New York-based data analytics end-to-end cost management solutions provider to the U.S. healthcare industry.

The complaint alleges that, throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (a) MultiPlan was losing tens of millions of dollars in sales and revenues to Naviguard, a competitor created by one of MultiPlan's largest customers, UnitedHealthcare, which threatened up to 35% of the Company's sales and 80% of its levered cash flows by 2022; (b) sales and revenue declines in the quarters leading up to the Merger were due to a fundamental deterioration in demand for MultiPlan's services and increased competition; (c) MultiPlan was facing significant pricing pressures for its services and had been forced to materially reduce its take rate in the lead up to the Merger by insurers, causing the Company to cut its take rate by up to half in some cases; (d) as a result, MultiPlan was set to continue to suffer from revenues and earnings declines, increased competition and deteriorating pricing dynamics following the Merger; (e) as a result, MultiPlan was forced to seek continued revenue growth and to improve its competitive positioning through price acquisitions; (f) as a result, Churchill III investors had grossly overpaid for the acquisition of MultiPlan in the Merger.

On November 11, 2020, one month after the close of the Merger, Muddy Waters published a research report titled "MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab." According to the report, MultiPlan was in significant financial decline because of its fundamentally flawed business model, which profited from excessively high healthcare costs.

On this news, the price of Churchill III securities plummeted. 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.

If you wish to serve as lead plaintiff, you must move the Court no later than April 26, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased MultiPlan securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/multiplancorporation-mpln-shareholder-class-action-lawsuit-fraud-stock-366/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]

SOURCE Bernstein Liebhard LLP

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