SAN DIEGO, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announced an update in the lawsuit that is pending for certain investors in shares of Clover Health Investments, Corp. (NASDAQ: CLOV).
Investors, who purchased Clover Health Investments, Corp. shares prior to December 2020 and continue to hold any of those NASDAQ: CLOV shares, have also certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On February 7, 2021, a lawsuit was filed against Clover Health Investments over alleged securities laws violations. The plaintiff alleged that the defendants between October 6, 2020 and February 4, 2021 and in the registration statement issued in connection with the December 2020 Merger of Clover and Social Capital Hedosophia Holdings Corp. III made false and/or misleading statements and/or failed to disclose that Clover’s Clover Assistant platform was under active investigation by the Department of Justice (“DOJ”) for at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals, that Clover’s sales were driven by a major undisclosed related party deal and misleading marketing targeting the elderly, not its purported “best-in-class” technology, that a significant portion of Clover’s sales were by way of an undisclosed relationship between Clover and an outside brokerage firm controlled by Clover’s Head of Sales.
On June 28, 2021, an amended complaint was filed and on August 27, 2021, the Defendants filed a Motion to Dismiss the complaint.
On February 28, 2022, the court issued an order denying the defendants' Motion to dismiss.
Those who purchased NASDAQ: CLOV shares should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
