The Gross Law Firm Announces Class Actions on Behalf of Shareholders of BTBT, MPLN and VLDR
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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of BTBT, MPLN and VLDR

Thursday, March 4, 2021 1:30 PM
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Lawsuits

NEW YORK, NY / ACCESSWIRE / March 4, 2021 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

Bit Digital, Inc. (NASDAQ:BTBT)

Investors Affected: December 21, 2020 - January 8, 2021

A class action has commenced on behalf of certain shareholders in Bit Digital, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Bit Digital overstated the extent of its a bitcoin mining operation; and (2) 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.

Shareholders may find more information at https://securitiesclasslaw.com/securities/bit-digital-inc-loss-submission-form/?id=13321&from=1

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

Investors Affected: July 12, 2020 - November 10, 2020

A class action has commenced on behalf of certain shareholders in Multiplan Corporation F/K/A Churchill Capital Corp Iii. The filed complaint alleges that defendants 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.

Shareholders may find more information at https://securitiesclasslaw.com/securities/multiplan-corporation-f-k-a-churchill-capital-corp-iii-loss-submission-form/?id=13321&from=1

Velodyne Lidar, Inc. (NASDAQ:VLDR)

Investors Affected: November 9, 2020 - February 19, 2021

A class action has commenced on behalf of certain shareholders in Velodyne Lidar, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) certain of Velodyne's directors had failed to operate with respect, honesty, integrity, and candor in their dealings with the Company's officers and directors; (2) the Company was investigating the foregoing matters; and (3) 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.

Shareholders may find more information at https://securitiesclasslaw.com/securities/velodyne-lidar-inc-loss-submission-form/?id=13321&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm

The Gross Law Firm
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