MultiPlan Stockholder Litigation

The information contained on this web page is only a summary of information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (the “Notice”). Because this website provides just a summary, you should review the Notice for additional details.

Plaintiffs Edgar Vaynshteyn (“Lead Plaintiff”) and Anthony Franchi (“Additional Plaintiff,” and together with Lead Plaintiff, “Plaintiffs”), individually and on behalf of the Class (defined below); Defendants Michael Klein, Jeremy Paul Abson, Glenn R. August, Mark Klein, Malcolm S. McDermid, Karen G. Mills, Michael Eck, M. Klein and Company, LLC, Churchill Sponsor III, LLC, and The Klein Group, LLC (collectively, “Defendants”); and former defendant MultiPlan Corporation (f/k/a Churchill Capital Corp III (“Churchill III”)) (the “Company”) have reached a proposed settlement of this stockholder class action for $33,750,000 in cash (the “Settlement”). The Settlement resolves all claims in the Action.

On February 28, 2023, the Court held a hearing to consider final approval of the Settlement and related matters. At the hearing, the Court approved the proposed Settlement, the proposed Plan of Allocation, and Class Counsel’s motion for attorneys’ fees and expenses. A Final Order and Judgment approving the Settlement and Plan of Allocation, and awarding attorney's fees and litigation expenses to Class Counsel, was entered by the Court on March 1, 2023.

The Class consists of:

All record and beneficial holders of Churchill III common stock and warrants who purchased, acquired, or held such securities at any time during the period between February 19, 2020 and October 8, 2020, inclusive (the “Class Period”), but excluding: (i)(a) Defendants; (b) members of the immediate family of any individual Defendant; (c) any person who was an officer, director, or partner of any Defendant during the Class Period and any members of their immediate family; (d) any parent, subsidiary, or affiliate of Defendants; (e) any entity in which any Defendant or any other excluded person or entity has, or had during the Class Period, a controlling interest; and (f) the legal representatives, agents, affiliates, heirs, estates, successors, or assigns of any such excluded persons or entities; and (ii)(a) the Company; (b) any person who was an officer or director of the Company during the Class Period and any members of their immediate family; and (c) MPH Acquisition Holdings, LLC (the “Excluded Persons”).

The settlement administration was completed in March 2024. On April 2, 2024, the Motion for Class Distribution Order was filed. On April 3, 2024, the Court approved the Class Distribution Order. The first distribution of the net settlement fund occurred in May 2024. Subsequent distributions will occur on a rolling basis, provided that net settlement funds are available.