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SHAREHOLDER ALERT: MPLN REGI RIDE: The Law Offices of Vincent Wong Reminds Investors of Important Class Action Deadlines

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NEW YORK, NY / ACCESSWIRE / March 20, 2021 / The Law Offices of Vincent Wong announce that class actions have commenced on behalf of certain shareholders in the following companies. If you suffered a loss you have until the lead plaintiff deadline to request that the court appoint you as lead plaintiff. There will be no obligation or cost to you.

Multiplan Corporation F/K/A Churchill Capital Corp. Iii (NYSE:MPLN)

If you suffered a loss, contact us at:http://www.wongesq.com/pslra-1/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-submission-form?prid=13889&wire=1
Lead Plaintiff Deadline: April 26, 2021
Class Period: July 12, 2020 - November 10, 2020

Allegations against MPLN include 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.

Renewable Energy Group, Inc. (NASDAQ:REGI)

If you suffered a loss, contact us at:http://www.wongesq.com/pslra-1/renewable-energy-group-inc-loss-submission-form?prid=13889&wire=1
Lead Plaintiff Deadline: May 3, 2021
Class Period: May 3, 2018 - February 25, 2021

Allegations against REGI include that: (1) due to failures in the diesel additive system, petroleum diesel was not periodically added to certain loads by the Company and was instead added by the Company's customers; (2) as a result, Renewable Energy was not the proper claimant for certain BTC payments on biodiesel it sold between January 1, 2017 and September 30, 2020; (3) as a result, Renewable Energy's revenue and net income were overstated for certain periods; (4) there was a material weakness in the Company's internal control over financial reporting related to the purchase and use of the petroleum diesel gallons when blending with biodiesel; and (5) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Lordstown Motors Corp (NASDAQ:RIDE)

If you suffered a loss, contact us at:http://www.wongesq.com/pslra-1/lordstown-motors-corp-loss-submission-form?prid=13889&wire=1
Lead Plaintiff Deadline: May 17, 2021
Class Period: August 3, 2020 - March 17, 2021

Allegations against RIDE include that: (i) the Company's purported pre-orders were non-binding; (ii) many of the would-be customers who made these purported pre-orders lacked the means to make such purchases and/or would not have credible demand for Lordstown's Endurance; (iii) Lordstown is not and has not been "on track" to commence production of the Endurance in September 2021; (iv) the first test run of the Endurance led to the vehicle bursting into flames within 10 minutes; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.

To learn more contact Vincent Wong, Esq. either via email vw@wongesq.com or by telephone at 212.425.1140.

Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
Fax. 866.699.3880
E-Mail: vw@wongesq.com

SOURCE: The Law Offices of Vincent Wong



View source version on accesswire.com:
https://www.accesswire.com/636675/SHAREHOLDER-ALERT-MPLN-REGI-RIDE-The-Law-Offices-of-Vincent-Wong-Reminds-Investors-of-Important-Class-Action-Deadlines

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  • Goldman Sells $53 Million of Bankrupt Texas Utility Claims

    (Bloomberg) -- Goldman Sachs Group Inc. auctioned off around $53 million of claims it held against a bankrupt Texas power cooperative as distressed debt traders bet the government will foot the bill for the state’s energy crisis, according to people with knowledge of the matter.Goldman sold its claim on Brazos Electric Power Cooperative Inc. this week at 80 to 85 cents on the dollar, said the people, who asked not to be identified because details of the auction are private.The bank is one of Brazos’s largest unsecured creditors. It’s owed the money for interest rate swaps and other power derivatives contracts that its commodities trading unit J. Aron & Co. signed with Brazos before a winter storm in February upended the Texas power market, saddling the electricity provider with billions in liabilities it couldn’t repay.A representative for New York-based Goldman Sachs declined to comment. Waco-based Brazos didn’t immediately respond to requests for comment.Claims PricesThe price Goldman received is similar to other unsecured claims have changed hands and suggests traders are expecting the Texas government will cover at least some of Brazos’s losses, according to some market watchers.“The market is assigning an over 50% probability that there will be claims forgiveness and socialization of losses,” said Bradley Max, a director of Cherokee Acquisition, a New York firm that specializes in trading of bankruptcy claims and has bid for some of the Brazos receivables.A $30 million piece of the roughly $480 million unsecured bank revolver was sold at auction last week for around 80 cents on the dollar, the people said. Bank of America Corp. is the administrative agent on the revolver, though the identity of the seller wasn’t revealed.The fate of Brazos, which is the largest power generation and transmission cooperative in Texas, and its multibillion-dollar debt to Ercot is still the subject of political wrangling.A bill in the state legislature that would have wiped out more than $4 billion of electricity overcharges from last month’s blackouts appeared dead on Friday, after lawmakers left town without taking final action on the proposal.(Updates with Goldman declining to comment in fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Brazil Becomes Second Country in the Americas to Approve a Bitcoin ETF

    The Brazil Securities and Exchange Commission (CVM) has approved QR Capital's bitcoin ETF which will trade on the Sao Paulo-based B3 exchange.

  • Quadruple Witching Moves Jump-Start Stock Market Volume

    (Bloomberg) -- Equity traders who had been frustrated by recent sleepy volumes just got a big liquidity boost.Stock transactions spiked Friday amid a quarterly event colloquially known as quadruple witching, when options and futures on indexes and equities expire. More than 17 billion shares changed hands on exchanges, 20% above the three-month average, as the S&P 500 erased an earlier decline of 0.7% before closing the session with a slight loss.The event usually brings single-day volumes that rank among the highest of the year -- welcome news for investors who need to shuffle big holdings. There was a lot to shuffle. The broad rotation away from stocks that benefited from the pandemic lockdowns to ones that should thrive as the economy bounces back means that exchange-traded funds and quant traders might have been forced to dramatically switch positions.Quadruple witching arrived in the wake of tepid trading, with an average 12 billion shares changing hands in the first four days this week, the slowest since December. The light volume had reflected investor hesitation to place big bets around Wednesday’s Federal Reserve Open Market Committee’s policy announcement and also came as rising yields were wreaking havoc on risky bets, from unprofitable technology firms to newly minted stocks.Sentiment is “neurotic but net bullish, especially after such an important FOMC meeting,” said Michael Purves, chief executive officer at Tallbacken Capital Advisors. “Sometimes it takes the market a bit of time to get strong conviction one way or the other.”Investors started to reassess equity risks as 10-year Treasury yields marched above 1.7%, the highest in more than a year. While the S&P 500 reached an all-time high this month, boosted by economically-sensitive companies like banks, the benchmark has yet to break the 4,000 mark.Partly driven by a retail-driven rush for call contracts to chase winners, the size of option expiration this time was by some measure unprecedented. The notional value of single-stock options that were set to expire Friday totaled $655 billion, the largest non-January expiry and the third-largest on record, according to data compiled by Goldman Sachs Group Inc.As usual, quadruple witching coincided with a rebalancing of benchmarks such as the S&P 500 Index, another event that typically sparks trading. According to an estimate from Howard Silverblatt, senior index analyst at S&P 500, the rebalance in the index alone could force $30 billion of stock trades.While trading activity rose Friday, the impact of quadruple witching on the market’s overall direction is not easy to predict. If volume is any guide, its near-term fate is nothing more than a coin toss.During the past 25 years, stock volume during option expiration weeks tended to be 5% higher than the 50-day average, Sundial Capital Research’s Jason Goepfert found. But this week through Thursday, trading was running about 13% below the average. Similar quiet weeks ahead of option expiration have resulted in the S&P 500 rising 52% of the time in the following week, his study shows.Read more: How Many Witches Are Beguiling Stocks Today? It’s Just a TrioAnother way to examine the event is through the lens of options dealers, who typically need to hedge their positions by buying or selling underlying stocks. Their holdings are often scrutinized, since “long gamma” indicates they’re pushing against the prevailing market trend while “short gamma” points to a tendency to go with it.Heading into Friday, dealers held $4.9 billion worth of long gamma exposure for the S&P 500 to stay at 3,950, a level that could act as a “rubber-band” for the market, according to Charlie McElligott, a cross-asset strategist at Nomura Securities. With a significant amount of hedging positions trimmed after Friday, it could set the stage for the index to move in a wider price range, he said.McElligott said investors should take advantage of any pullback to add positions, especially as rising yields keep hammering the market. The economic reopening will gather pace in coming months, helping propel the S&P 500 to another level where dealers appear to have big exposure: 4,000, he added.That “feels like a ‘round number’ inevitability,” McElligott wrote in a note. “So I’ll keep pounding the table on scooping equities’ upside.”(Updates for Friday volume in second paragraph, chart)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.