{"id":457816,"date":"2021-03-15T11:03:17","date_gmt":"2021-03-15T15:03:17","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=457816"},"modified":"2021-03-15T11:03:17","modified_gmt":"2021-03-15T15:03:17","slug":"glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/","title":{"rendered":"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN)"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">LOS ANGELES<\/span>, <span class=\"xn-chron\">March 15, 2021<\/span> \/PRNewswire\/ &#8212;<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.jpg\" title=\"(PRNewsfoto\/Glancy Prongay &amp; Murray LLP)\" alt=\"(PRNewsfoto\/Glancy Prongay &amp; Murray LLP)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=209898463&amp;u=https%3A%2F%2Fwww.glancylaw.com%2F&amp;a=Glancy+Prongay+%26+Murray+LLP\" rel=\"nofollow noopener noreferrer\"><br \/>\n          <span class=\"xn-person\">Glancy Prongay<\/span> &amp; Murray LLP<\/a> (&#8220;GPM&#8221;) reminds investors of the upcoming\u00a0<b><span class=\"xn-chron\">April 26, 2021<\/span><\/b> deadline to file a lead plaintiff motion in the class action filed on behalf of investors (a) who purchased MultiPlan\u00a0Corporation f\/k\/a Churchill Capital Corp. III\u00a0(&#8220;Churchill III&#8221; or the &#8220;Company&#8221;) (NYSE:\u00a0<u>MPLN<\/u>) securities between <b><span class=\"xn-chron\">July 12, 2020<\/span> and <span class=\"xn-chron\">November 10, 2020<\/span><\/b>, inclusive (the &#8220;Class Period&#8221;); and (b) all holders of Churchill III Class A common stock entitled to vote on Churchill III&#8217;s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, &#8220;MultiPlan&#8221;) consummated in <span class=\"xn-chron\">October 2020<\/span> (the &#8220;Merger&#8221;).<\/p>\n<p>If you suffered a loss on your MultiPlan investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=1807471357&amp;u=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fmultiplan-corporation%2F&amp;a=https%3A%2F%2Fwww.glancylaw.com%2Fcases%2Fmultiplan-corporation%2F\" rel=\"nofollow noopener noreferrer\">https:\/\/www.glancylaw.com\/cases\/multiplan-corporation\/<\/a>. You can also contact <span class=\"xn-person\">Charles H. Linehan<\/span>, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at <a target=\"_blank\" href=\"mailto:shareholders@glancylaw.com\" rel=\"nofollow noopener noreferrer\">shareholders@glancylaw.com<\/a> to learn more about your rights.<\/p>\n<p>On <span class=\"xn-chron\">November 11, 2020<\/span>, Muddy Waters Research\u00a0issued\u00a0a report titled &#8220;MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab,&#8221;\u202falleging, among other things\u00a0that Multiplan is &#8220;in financial decline, and its financial statements were engineered to obscure this existing deterioration.&#8221;\u00a0It further stated that\u00a0the Company &#8220;is in the process of losing its largest client, UnitedHealthcare,&#8221; which &#8220;has formed a competitor to\u00a0MultiPlan\u00a0that offers significantly lower prices and fewer conflicts of interest.&#8221;\u00a0\u00a0<\/p>\n<p>On this news, the Company&#8217;s\u00a0stock price fell <span class=\"xn-money\">$1.72<\/span> per share, or\u00a0approximately 20%, to close at <span class=\"xn-money\">$7.01<\/span> per share on <span class=\"xn-chron\">November 11<\/span>, 2020.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p>The complaint filed alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company&#8217;s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that MultiPlan was losing tens of millions of dollars in sales and revenues to Naviguard, a competitor created by one of MultiPlan&#8217;s largest customers, UnitedHealthcare, which threatened up to 35% of MultiPlan&#8217;s sales and 80% of its levered cash flows by 2022; (2) that sales and revenue declines in the quarters leading up to the Merger were not due to &#8220;idiosyncratic&#8221; customer behaviors as represented, but rather due to a fundamental deterioration in demand for MultiPlan&#8217;s services and increased competition, as payors developed competing services and sought alternatives to eliminating excessive healthcare costs; (3) that 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, who had expressed dissatisfaction with the price and quality of MultiPlan&#8217;s services and balanced billing practices, causing MultiPlan to cut its take rate by up to half in some cases; (4) that, as a result of the foregoing, MultiPlan was set to continue to suffer from revenues and earnings declines, increased competition and deteriorating pricing dynamics following the Merger; (5) that, as a result of the foregoing, MultiPlan was forced to seek continued revenue growth and to improve its competitive positioning through pricey acquisitions, including through the purchase of the healthcare technology company HST for <span class=\"xn-money\">$140 million<\/span> at a premium price from a former MultiPlan executive only one month after the Merger; and (6) that, as a result of the foregoing, Churchill III investors had grossly overpaid for the acquisition of MultiPlan in the Merger, and MultiPlan&#8217;s business was worth far less than represented to investors.<\/p>\n<p>Follow us for updates on <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=1024123624&amp;u=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fglancy-prongay-murray-llp&amp;a=LinkedIn\" rel=\"nofollow noopener noreferrer\">LinkedIn<\/a>, <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=1456985021&amp;u=https%3A%2F%2Ftwitter.com%2FGPM_llp&amp;a=Twitter\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>, or <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=3020758996&amp;u=https%3A%2F%2Fwww.facebook.com%2FGlancyLawFirm%2F&amp;a=Facebook\" rel=\"nofollow noopener noreferrer\">Facebook<\/a>.<\/p>\n<p>If you purchased or otherwise acquired MultiPlan securities\u00a0during the Class Period, or common stock you may move the Court no later than\u00a0<b><span class=\"xn-chron\">April 26, 2021<\/span><\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to\u00a0learn more\u00a0about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact <span class=\"xn-person\">Charles Linehan, Esquire<\/span>, of GPM, 1925 Century Park East, Suite 2100, <span class=\"xn-location\">Los Angeles, California<\/span> 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to <a target=\"_blank\" href=\"mailto:shareholders@glancylaw.com\" rel=\"nofollow noopener noreferrer\">shareholders@glancylaw.com<\/a>, or visit our website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=3461438687&amp;u=http%3A%2F%2Fwww.glancylaw.com%2F&amp;a=www.glancylaw.com\" rel=\"nofollow noopener noreferrer\">www.glancylaw.com<\/a>.\u00a0 If you inquire by email please include your mailing address, telephone number and number of shares purchased. <\/p>\n<p>This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. <\/p>\n<p>\n        <b>Contacts <br \/><\/b><br \/>\n        <span class=\"xn-person\">Glancy Prongay<\/span> &amp; Murray LLP, <span class=\"xn-location\">Los Angeles<\/span><br \/><span class=\"xn-person\">Charles Linehan<\/span>, 310-201-9150 or 888-773-9224 <br \/><a target=\"_blank\" href=\"mailto:shareholders@glancylaw.com\" rel=\"nofollow noopener noreferrer\">shareholders@glancylaw.com<\/a>\u00a0<br \/><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3096115-1&amp;h=3461438687&amp;u=http%3A%2F%2Fwww.glancylaw.com%2F&amp;a=www.glancylaw.com\" rel=\"nofollow noopener noreferrer\">www.glancylaw.com<\/a><\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LA08802&amp;sd=2021-03-15\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/glancy-prongay--murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-301246845.html\">http:\/\/www.prnewswire.com\/news-releases\/glancy-prongay&#8211;murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-301246845.html<\/a><\/p>\n<p>SOURCE  <span class=\"xn-person\">Glancy Prongay<\/span> &amp; Murray LLP<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LA08802&amp;Transmission_Id=202103151100PR_NEWS_USPR_____LA08802&amp;DateId=20210315\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire LOS ANGELES, March 15, 2021 \/PRNewswire\/ &#8212; Glancy Prongay &amp; Murray LLP (&#8220;GPM&#8221;) reminds investors of the upcoming\u00a0April 26, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors (a) who purchased MultiPlan\u00a0Corporation f\/k\/a Churchill Capital Corp. III\u00a0(&#8220;Churchill III&#8221; or the &#8220;Company&#8221;) (NYSE:\u00a0MPLN) securities between July 12, 2020 and November 10, 2020, inclusive (the &#8220;Class Period&#8221;); and (b) all holders of Churchill III Class A common stock entitled to vote on Churchill III&#8217;s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, &#8220;MultiPlan&#8221;) consummated in October 2020 (the &#8220;Merger&#8221;). If you suffered a loss on your MultiPlan investments or would like to inquire about potentially pursuing claims &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-457816","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire LOS ANGELES, March 15, 2021 \/PRNewswire\/ &#8212; Glancy Prongay &amp; Murray LLP (&#8220;GPM&#8221;) reminds investors of the upcoming\u00a0April 26, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors (a) who purchased MultiPlan\u00a0Corporation f\/k\/a Churchill Capital Corp. III\u00a0(&#8220;Churchill III&#8221; or the &#8220;Company&#8221;) (NYSE:\u00a0MPLN) securities between July 12, 2020 and November 10, 2020, inclusive (the &#8220;Class Period&#8221;); and (b) all holders of Churchill III Class A common stock entitled to vote on Churchill III&#8217;s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, &#8220;MultiPlan&#8221;) consummated in October 2020 (the &#8220;Merger&#8221;). If you suffered a loss on your MultiPlan investments or would like to inquire about potentially pursuing claims &hellip; Continue reading &quot;Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN)&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-15T15:03:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Glancy Prongay &amp; 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Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN) - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/","og_locale":"en_US","og_type":"article","og_title":"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN) - Market Newsdesk","og_description":"PR Newswire LOS ANGELES, March 15, 2021 \/PRNewswire\/ &#8212; Glancy Prongay &amp; Murray LLP (&#8220;GPM&#8221;) reminds investors of the upcoming\u00a0April 26, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors (a) who purchased MultiPlan\u00a0Corporation f\/k\/a Churchill Capital Corp. III\u00a0(&#8220;Churchill III&#8221; or the &#8220;Company&#8221;) (NYSE:\u00a0MPLN) securities between July 12, 2020 and November 10, 2020, inclusive (the &#8220;Class Period&#8221;); and (b) all holders of Churchill III Class A common stock entitled to vote on Churchill III&#8217;s merger with and acquisition of Polaris Parent Corp. and its consolidated subsidiaries (collectively, &#8220;MultiPlan&#8221;) consummated in October 2020 (the &#8220;Merger&#8221;). If you suffered a loss on your MultiPlan investments or would like to inquire about potentially pursuing claims &hellip; Continue reading \"Glancy Prongay &amp; Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against MultiPlan Corporation (MPLN)\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-15T15:03:17+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1219482\/Glancy_Prongay_and_Murray_LLP.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/glancy-prongay-murray-llp-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-multiplan-corporation-mpln-2\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Glancy Prongay &amp; 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