22NW Publicly Releases Letter to Board of Performant Financial Corporation

SEATTLE, Feb. 27, 2020 /PRNewswire/ -- 22NW, LP ("22NW" or "we"), one of the largest stockholders of Performant Financial Corporation ("Performant" or the "Company") (NASDAQ: PFMT), with ownership of approximately 6.2% of the Company's outstanding shares, today publicly released a letter that was previously delivered to the Board of Directors of Performant on February 24, 2020.  22NW is releasing the letter publicly in accordance with the provisions of a certain non-disclosure agreement that it previously entered into with the Company in order to cleanse 22NW of material non-public information with respect to the Company.

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In response to receiving 22NW's letter, the Company claimed that the statements therein are either "inaccurate, or based on incomplete information that is dated." The statements included in the letter are based on the information that 22NW received from the Company pursuant to the non-disclosure agreement. 22NW requested that the Company provide any specific comments that it may have to the letter that it believes are necessary in order to correct any alleged deficiencies because 22NW is not in possession of any such information and cannot disclose what we do not know. The Company failed to provide any such comments and instead issued a press release including revised guidance on February 26, 2020.

The full text of the letter follows:

https://mma.prnewswire.com/media/1095451/PFMT_Letter.pdf

About 22NW, LP

22NW, LP is a Seattle-based investment firm that specializes in small and microcap investments that have multi-year investment horizons.

Contact:

Aron English
22NW, LP
(206) 227-3078

SOURCE 22NW, LP

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