GlobeNewswire Inc | Nov 16, 2020 04:30PM EST

November 16, 2020

SAN FRANCISCO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges MultiPlan Corporation (NYSE MPLN) investors with significant losses to submit your losses now. The firm is investigating possible securities fraud and certain investors may have valuable claims.

Relevant Holding Period: Before Nov. 11, 2020 Visitwww.hbsslaw.com/investor-fraud/MPLNContact An Attorney NowMPLN@hbsslaw.com 844-916-0895

MultiPlan Corporation (MPLN) Investigation:

The investigation centers on MultiPlans financial disclosures leading up to- and through- its merger and going public transaction with special purpose acquisition (SPAC) company Churchill Capital Corp. III.

More specifically, Hagens Berman is investigating the companys and its sponsors statements about MultiPlans client base and revenues.

On Nov. 11, 2020, Muddy Waters Capital published a scathing report, MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab, based in part on its interviews of former MultiPlan executives.

Among other things, Muddy Waters observes: (1) the company and its sponsors concealed the impending loss of MultiPlans largest client (UnitedHealthcare, or UHC) due to UHCs formation of a competitor (Naviguard) that offers significantly lower prices and fewer conflicts of interest; (2) MultiPlans financials have been financially engineered to obscure the decay in its business; and, (3) [w]e understand that in 2018, MPLN released revenue reserves, dropping them from approximately 30% to 10% of revenue, which we believe enabled MPLN to show 2018 EBITDA growth amid shrinking sales.

Concluding, Muddy Waters states MPLN paints a rosy picture of its prospects, but these are inconsistent with the facts: its revenue peaked in 2017, and Naviguard is never once mentioned by management as a threat and we are concerned that managements strategy carries the potential to bankrupt MPLN.

Were focused on investors losses and whether MultiPlan misrepresented its client base and revenues, said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you are a MultiPlan investor and have significant losses, or have knowledge that may assist the firms investigation, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding MultiPlan should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email MPLN@hbsslaw.com.

About Hagens BermanHagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.

Contact Reed Kathrein, 844-916-0895