NEW YORK, NY / ACCESSWIRE / April 4, 2021 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.
CLOV Shareholders Click Here: https://www.zlk.com/pslra-1/clover-health-investments-corp-loss-submission-form?prid=14348&wire=1
MPLN Shareholders Click Here: https://www.zlk.com/pslra-1/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-information-form?prid=14348&wire=1
ROOT Shareholders Click Here: https://www.zlk.com/pslra-1/root-inc-information-request-form?prid=14348&wire=1
* ADDITIONAL INFORMATION BELOW *
Clover Health Investments, Corp. (NASDAQ:CLOV)
CLOV Lawsuit on behalf of: investors who purchased October 6, 2020 – February 3, 2021
Lead Plaintiff Deadline : April 6, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/clover-health-investments-corp-loss-submission-form?prid=14348&wire=1
According to the filed complaint, during the class period, Clover Health Investments, Corp. made materially false and/or misleading statements and/or failed to disclose that: (i) Clover was the recipient of a Civil Investigative Demand from the DOJ; (ii) much of Clover’s sales are driven by a major related party deal that Clover not only failed to disclose but took active steps to conceal; (iii) Clover’s
subsidiary Seek Insurance failed to disclose its relationship with Clover and misled consumers as to its purported independence; (iv) Clover’s software was in fact rudimentary; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Multiplan Corporation F/K/A Churchill Capital Corp. Iii (NYSE:MPLN)
MPLN Lawsuit on behalf of: investors who purchased July 12, 2020 – November 10, 2020
Lead Plaintiff Deadline : April 26, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-information-form?prid=14348&wire=1
According to the filed complaint, during the class period, Multiplan Corporation F/K/A Churchill Capital Corp. Iii made materially false and/or misleading statements and/or failed to disclose that: (a) MultiPlan was losing tens of millions of dollars in sales and revenues to Naviguard, a competitor created by one of MultiPlan’s largest customers, UnitedHealthcare, which threatened up to 35% of the Company’s sales and 80% of its levered cash flows by 2022; (b) sales and revenue declines in the quarters leading up to the Merger were not due to “idiosyncratic” customer behaviors as represented, but rather due to a fundamental deterioration in demand for MultiPlan’s services and increased competition, as payors developed competing services and sought alternatives to eliminating excessive healthcare costs; (c) 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’s services and balanced billing practices, causing the Company’s to cut its take rate by up to half in some cases; (d) as a result of (a)-(c) above, MultiPlan was set to continue to suffer from revenues and earnings declines, increased competition and deteriorating pricing dynamics following the Merger; (e) as a result of (a)-(d) above, MultiPlan was forced to seek continued revenue growth and to improve its competitive positioning through pricey acquisitions, including through the purchase of HST for $140 million at a premium price from a former MultiPlan executive only one month after the Merger; and (f) as a result of (a)-(e) above, Churchill III investors had grossly overpaid for the acquisition of MultiPlan in the Merger, and MultiPlan’s business was worth far less than represented to investors.
Root, Inc (NASDAQ:ROOT)
This lawsuit is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Root Class A common stock pursuant and/or traceable to the Offering Documents issued in connection with the Company’s initial public offering conducted on or about October 28, 2020.
Lead Plaintiff Deadline : May 18, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/root-inc-information-request-form?prid=14348&wire=1
According to the filed complaint, (i) Root would foreseeably fail to generate positive cash flow for at least several years following the IPO; (ii) accordingly, the Company would foreseeably require significant cash infusions to meet its cash flow needs; (iii) notwithstanding the Defendants’ touting of Root’s purportedly unique, data-driven advantages, several of the Company’s established industry peers in fact possessed significant competitive advantages over Root with respect to, inter alia, telematics data and data engagement; and (iv) as a result, the Offering Documents and Defendants’ public statements throughout the Class Period were materially false and/or misleading and failed to state information required to be stated therein.
You have until the lead plaintiff deadlines to request that the court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Levi & Korsinsky, LLP
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