August 15, 2020

SHAREHOLDER ALERT: WeissLaw LLP Investigates Churchill Capital Corp III

NEW YORK, Aug. 14, 2020 WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the…

NEW YORK, Aug. 14, 2020 WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Churchill Capital Corp III (“CCXX” or the “Company”) (NYSE: CCXX) in connection with the Company’s proposed merger with privately-held healthcare cost management company MultiPlan, Inc. (“MultiPlan”).  Under the terms of the merger agreement, CCXX will fold into MultiPlan and cease to exist, resulting in one publicly-traded entity with existing MultiPlan investors.  This structure will result in current MultiPlan equity holders and new PIPE investors owning 62% of the surviving entity, with former public shareholders of CCXX owning from 16% to as little as 4.2% of the newly-combined company. 

If you own CCXX shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

http://www.weisslawllp.com/churchill-capital-corp/

Or please contact:

Joshua Rubin, Esq.

WeissLaw LLP

1500 Broadway, 16th Floor

New York, NY  10036

(212) 682-3025

(888) 593-4771

stockinfo@weisslawllp.com

WeissLaw is investigating whether CCXX’s board acted in the best interest of CCXX’s public shareholders in agreeing to the proposed transaction, whether the board was fully informed as to the valuation of MultiPlan, whether the deal’s equity split is fair to CCXX shareholders, and whether all information regarding the valuation of the transaction will be fully and fairly disclosed to CCXX public shareholders.  These issues are of particular concern since CCXX’s chairman and CEO Michael Klein owns nearly 20% of CCXX’s common stock and may have exerted undue influence over the board’s decision to agree to a transaction for which he is the primary beneficiary.  Moreover, Mr. Klein controls the Klein Group, which will be paid up to $30 million for its role as financial advisor to the CCXX board, creating a potentially troubling conflict of interest.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties.  We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases.  If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

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SOURCE WeissLaw LLP