GlobeNewswire Inc | Nov 13, 2020 10:21AM EST

November 13, 2020

PHILADELPHIA, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of MultiPlan Corporation (MultiPlan or the Company) (NYSE: MPLN) to determine whether the Company engaged in securities fraud or other unlawful business practices.

INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, THE SECURITIES OF MULTIPLAN CORPORATION AND SUFFERED SIGNIFICANT LOSSESARE ENCOURAGED TO COMPLETE KEHOE LAW FIRMS SECURITIES CLASS ACTION QUESTIONNAIREOR CONTACT KEVIN CAULEY, DIRECTOR, BUSINESS DEVELOPMENT,(215) 792-6676, EXT. 802, KCAULEY@KEHOELAWFIRM.COM, SECURITIES@KEHOELAWFIRM.COM, TO DISCUSS THESECURITIES INVESTIGATION OR POTENTIAL LEGAL CLAIMS.

Muddy Waters Research published a report (MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab), which, among other things, stated that MPLN is in the process of losing its largest client, UnitedHealthcare (UHC). UHC has formed a competitor to [MultiPlan] that offers significantly lower prices and fewer conflicts of interest. The competitor is called Naviguard.

Muddy Waters Research also reported that MultiPlan . . . was already in financial decline, and its financial statements were engineered to obscure this existing deterioration. Further, according to Muddy Waters Research, . . . in 2018, [MultiPlan] released revenue reserves, dropping them from approximately 30% to 10% of revenue, which . . . enabled [MultiPlan] to show 2018 EBITDA growth amid shrinking sales.

On this news, MultiPlans stock dropped $1.72 per share, or 19.7%, to close at $7.01 on November 11, 2020

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiffside law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion on behalf of institutional and individual investors.

This press release may constitute attorney advertising.