SAN DIEGO, CA / ACCESSWIRE / March 16, 2021 / The Shareholders Foundation, Inc. announces that a lawsuit is pending for certain investors in Clover Health Investments, Corp. (NASDAQ:CLOV) shares.
Investors, who purchased shares of Clover Health Investments, Corp. (NASDAQ:CLOV) prior to October 2020 and continue to hold any of their NASDAQ:CLOV shares, have also certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges 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 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 the DOJ’s investigation presented an existential risk to the Company, since it derives most of its revenues from Medicare, 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, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased Clover Health Investments, Corp. (NASDAQ:CLOV) shares should contact the Shareholders Foundation, Inc.
Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
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.
SOURCE: Shareholders Foundation, Inc.
View source version on accesswire.com: