Muddy Waters Takes Aim at MultiPlan

In the second big short in SPAC-land, the stock fell 20 percent.

Carson Block (Anthony Kwan/Bloomberg)

Carson Block

(Anthony Kwan/Bloomberg)

The great SPAC boom is providing a fruitful place to look for short targets, and Carson Block’s Muddy Waters has taken on the biggest one yet: $11 billion MultiPlan, which merged with Michael Klein’s Churchill Capital Corp. III last month.

On Wednesday afternoon, Muddy Waters published a short report on MultiPlan, saying the company was losing its biggest client at the same time the “juice” had been taken out of the company by its private equity owners.

To continue reading, subscribe now to Premium Journalism. Already a subscriber? login.