MultiPlan Stockholder Litigation

Notice: The Motion for Class Distribution has been filed and is pending in the Court.

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.

If you are a member of the Class, you may be eligible for a payment from the Settlement. 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”).

Eligible Class Members do not need to submit a claim form in order to receive a distribution from the Settlement. If you are eligible to receive a distribution from the Settlement, your distribution will be paid to you directly.

Please be patient, as it will take some time to conduct the Settlement distribution.