MultiPlan Corporation a leading value-added provider of data analytics and technology-enabled end-to-end cost management, payment and revenue integrity solutions to the U.S. healthcare industry, announced that the Company and certain current and former directors have entered into a settlement agreement to resolve a consolidated class action lawsuit that has been pending since March 2021. The settlement agreement expressly provides that the settlement does not constitute an admission by the defendants or a finding that the claims asserted had any merit, and the defendants continue to strongly deny the allegations of liability in the lawsuit. We expect that, upon approval by the court, the settlement will bring to an end all pending shareholder litigation against the Company and its directors.
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has been proceeding in the Delaware Court of Chancery related to our October 8, 2020 business combination transaction. Defendants in the lawsuit include the former directors of Churchill Capital III Corp. (now named MultiPlan) as well as affiliates of Churchill III’s sponsor.
On November 17, 2022, the Company and the parties to the lawsuit entered into a settlement agreement to fully and finally resolve the lawsuit. In connection with the settlement, the Company and its insurers, have agreed to pay $33.75 million in exchange for a broad release of all claims related to the business combination and ownership of Churchill III stock and warrants from February 19, 2020 through October 8, 2020. The settlement is being paid pursuant to the Company’s indemnification obligations and from available D&O insurance.
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As provided in the settlement agreement, the defendants deny the allegations published by a short-seller which defendants contend formed the basis for Plaintiffs’ claims in the Action. Defendants maintain that the claims brought against them were not true, lack merit, and would have been disproven at trial. The defendants further maintain that they performed appropriate levels of due diligence on legacy MultiPlan, including its key business relationships, with the assistance of numerous expert advisors, before entering into the business combination and that their conduct in pursuing, evaluating and completing the business combination was at all times proper, in the best interests of the Churchill III and its stockholders, and in compliance with applicable law. Nevertheless, the Company and the defendants have determined to enter into the settlement solely to put the Delaware Action to rest, without acknowledging any wrongdoing, fault, liability or damages.
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