On November 11, 2020, short seller Muddy Waters Research published a report entitled "MultiPlan: Private Equity Necrophilia Meets The Great 2020 Money Grab" ( here ). Among other things, the Muddy Waters report claimed that at the time of the merger, MultiPlan was in the process of losing its largest client, UnitedHealthcare, which, the report claimed, could cost the company about 35% of the company's revenues and 80% of its levered free cash flow in the next two years. The report further claimed that United Healthcare had launched a competitor, Naviguard, to reduce its business with MultiPlan. The report further claimed that MultiPlan had obscured its deteriorating financial position by manipulating cash reserves to show inflated earnings. MultiPlan's share price declined on this report.