Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of MultiPlan Corporation f/k/a Churchill Capital Corp. III (“Churchill”) (NYSE: MPLN), if they purchased the Company’s securities between July 12, 2020 and November 10, 2020, inclusive (the “Class Period”) and/or were holders of Churchill Class A common stock entitled to vote on Churchill’s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries completed in October 2020.
MultiPlan f/k/a Churchill Capital Corp. III and certain of its executives are charged with failing to disclose material information in connection with the merger and during the Class Period, violating federal securities laws.
On July 12, 2020, Churchill announced that it had entered into an agreement to merge with MultiPlan, subject to approval by Churchill stockholders, which subsequently was completed and closed on October 8, 2020. On November 11, 2020, Muddy Waters issued a scathing report on Churchill III alleging 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, that MultiPlan had obscured its deteriorating financial position in presentations to investors, and other negative revelations.
On this news, shares of Churchill plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 26, 2021 to request that the court appoint them lead plaintiff.