IN RE MULTIPLAN CORP. STOCKHOLDERS LITIG.

CONSOLIDATED C.A. No. 2021-0300-LWW.

268 A.3d 784 (2022)

IN RE MULTIPLAN CORP. STOCKHOLDERS LITIGATION.

Court of Chancery of Delaware.

Date Decided: January 3, 2022.


Attorney(s) appearing for the Case

Gregory V. Varallo , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, Wilmington, Delaware; Mark Lebovitch , Daniel E. Meyer , Margaret Sanborn-Lowing , and Joseph W. Caputo , BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP, New York, New York; Counsel for Plaintiffs Kwame Amo and Anthony Franchi.

Raymond J. DiCamillo , Kevin M. Gallagher , and Matthew D. Perri , RICHARDS, LAYTON & FINGER, P.A., Wilmington, Delaware; Jonathan K. Youngwood and Rachel S. Sparks Bradley , SIMPSON THACHER & BARTLETT LLP, New York, New York; Stephen P. Blake , SIMPSON THACHER & BARTLETT LLP, Palo Alto, California; Counsel for Defendant MultiPlan Corporation f/k/a Churchill Capital Corp. III.

Bradley R. Aronstam and S. Michael Sirkin , ROSS ARONSTAM & MORITZ LLP, Wilmington, Delaware; John A. Neuwirth , Joshua S. Amsel , Evert J. Christensen, Jr. , Matthew S. Connors , and Nicole E. Prunetti , WEIL, GOTSHAL & MANGES LLP, New York, New York; Counsel for Defendants Michael Klein, Jay Taragin, Jeremy Paul Abson, Glenn R. August, Mark Klein, Malcolm S. McDermid, Karen G. Mills, Michael Eck, M. Klein and Company, LLC, Churchill Sponsor III, LLC, and The Klein Group, LLC.


OPINION

Churchill Capital Corp. III—a special purpose acquisition company, or SPAC— was formed as a Delaware corporation in October 2019. Lacking operations of its own, the SPAC's primary purpose was to seek out and combine with a private operating company. The SPAC closed its $1.1 billion initial public...

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