Performant Financial Corporation Provides Update on Form 10-K Filing; Announces Changes to its Board of Directors

LIVERMORE, Calif., March 30, 2020 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq: PFMT), (the “Company”), a leading provider of technology-enabled recovery and related analytics services in the United States, today provided an update with regards to its Form 10-K for the year ended December 31, 2019 and announced the resignation of Jeffrey S. Stein from the Company’s Board of Directors.

Due to the outbreak of, and local, state and federal governmental responses to, the coronavirus disease (“COVID-19”) pandemic, the Company has filed for an extension for its Annual Report on Form 10-K for the year ended December 31, 2019 (the “Annual Report”), originally due on March 30, 2020. Specifically, the Company is relying on an order issued by the Securities and Exchange Commission (the “SEC”) on March 25, 2020 (which extended and superseded a prior order issued on March 4, 2020), pursuant to Section 36 of the Securities Exchange Act of 1934, as amended (Release No. 34-88465) (the “Order”), regarding exemptions granted to certain public companies. The Order allows a registrant up to an additional 45 days after the original due date of certain reports required to be filed with the SEC if a registrant’s ability to file such report timely is affected due to COVID-19.

Because the Company’s operations and business have experienced disruptions due to the conditions surrounding the COVID-19 pandemic, the Company will be relying on the Order and will be making use of the 45-day grace period provided by the Order to delay filing of its Annual Report. The Company plans to file its Annual Report by no later than May 14, 2020, 45 days after the original due date of its Annual Report.

Separately, the Company today also announced the resignation of Jeffrey S. Stein from Performant’s Board of Directors and all related committee appointments. Mr. Stein’s resignation is not a result of any disagreement with the Company on any matter relating to the Company’s operations or practices.

The Nominating and Governance Committee of the Board plans to immediately begin a search and selection process to fill Mr. Stein’s seat, with a focus on selecting a new member with the experience to provide guidance to support the Company’s ongoing growth plans.

About Performant Financial Corporation

Performant helps government and commercial organizations enhance revenue and contain costs by preventing, identifying and recovering waste, improper payments and defaulted assets. Performant is a leading provider of these services in several industries, including healthcare, student loans and government. Performant has been providing recovery audit services for more than nine years to both commercial and government clients, including serving as a Recovery Auditor for the Centers for Medicare and Medicaid Services.