Performant Financial Corporation Announces Upsizing And Pricing Of Secondary Public Offering Of Common Stock

LIVERMORE, Calif., Jan. 31, 2013 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT) today announced the pricing of an upsized secondary public offering of 8,000,000 shares of common stock on behalf of certain selling stockholders at a price of $10.65 per share. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of common stock at the public offering price.

The selling stockholders will receive all of the net proceeds from this offering. No shares are being sold by the Company.

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as lead joint book-running managers. Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC are acting as joint book-running managers. William Blair & Company, L.L.C. is acting as a co-manager.

The offering is being made only by means of a prospectus, copies of which may be obtained from Goldman, Sachs & Co., 200 West Street, New York, New York 10282, Attention: Prospectus Department (Tel: +1 866 471 2526, e-mail: prospectus-ny@ny.email.gs.com) or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department (Tel: +1 866 718 1649; e-mail: prospectus@morganstanley.com).

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
CONTACT: Richard Zubek         Investor Relations         925-960-4988         investors@performantcorp.com

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