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.

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