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CLASS ACTION UPDATE for MPLN, EBS and ARRY: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

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NEW YORK, NY / ACCESSWIRE / June 7, 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.

MPLN Shareholders Click Here: https://www.zlk.com/pslra-1/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-information-form?prid=16636&wire=1
EBS Shareholders Click Here: https://www.zlk.com/pslra-1/emergent-biosolutions-inc-loss-submission-form?prid=16636&wire=1
ARRY Shareholders Click Here: https://www.zlk.com/pslra-1/array-technologies-inc-information-request-form?prid=16636&wire=1

* ADDITIONAL INFORMATION BELOW *

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: June 7, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-information-form?prid=16636&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.

Emergent Biosolutions Inc. (NYSE:EBS)

EBS Lawsuit on behalf of: investors who purchased April 24, 2020 - April 16, 2021
Lead Plaintiff Deadline : June 18, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/emergent-biosolutions-inc-loss-submission-form?prid=16636&wire=1

According to the filed complaint, during the class period, Emergent Biosolutions Inc. made materially false and/or misleading statements and/or failed to disclose that: (i) Emergent's Baltimore plant had a history of manufacturing issues increasing the likelihood for massive contaminations; (ii) these longstanding contamination risks and quality control issues at Emergent's facility led to a string of FDA citations; (iii) the Company previously had to discard the equivalent of millions of doses of COVID-19 vaccines after workers at the Baltimore plant deviated from manufacturing standards; and (iv) as a result of the foregoing, Defendants' public statements about Emergent's ability and capacity to mass manufacture multiple COVID-19 vaccines at its Baltimore manufacturing site were materially false and/or misleading and/or lacked a reasonable basis.

Array Technologies, Inc. (NASDAQ:ARRY)

This lawsuit is on behalf of investors who purchased ARRY: (a) between October 14, 2020, and May 11, 2021, inclusive and (b) pursuant, or traceable, or both, to: (i) the registration statement and prospectus issued in connection with the Company's October 2020 initial public offering; or (ii) the registration statement and prospectus issued in connection with the Company's December 2020 offering; or (iii) any combination of the initial public offering, December 2020 offering, or March 2021 offering.
Lead Plaintiff Deadline: July 13, 2021
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/array-technologies-inc-information-request-form?prid=16636&wire=1

Defendants repeatedly and consistently painted a materially misleading picture of the Company's business and prospects that did not reflect rising steel and freight costs. After the October 2020 initial public offering, the December 2020 offering and the March 2021 offering, and subsequent to the class period, Array disclosed that it was experiencing increases in steel prices and substantial increases in the cost of both ocean and truck freight that in turn were having a material impact on its margins for the foreseeable future. This caused Array to miss profit expectations and withdraw its full-year outlook. As a result of Defendants' wrongful acts and omissions and the precipitous decline in the market value of the Company's securities, shareholders have suffered significant losses and damages.

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.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP



View source version on accesswire.com:
https://www.accesswire.com/650768/CLASS-ACTION-UPDATE-for-MPLN-EBS-and-ARRY-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders