|Company Name||MultiPlan Corporation|
On November 11, 2020, Muddy Waters Research issued a report titled “MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab,” alleging, among other things that Multiplan is “in financial decline, and its financial statements were engineered to obscure this existing deterioration.” It further stated that the Company “is in the process of losing its largest client, UnitedHealthcare,” which “has formed a competitor to MultiPlan that offers significantly lower prices and fewer conflicts of interest.”
On this news, the Company’s stock price fell $1.72 per share, or approximately 20%, to close at $7.01 per share on November 11, 2020.
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