New Orleans, Louisiana–(Newsfile Corp. – April 4, 2021) – Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until April 6, 2021 to file lead plaintiff applications in securities class action lawsuits against Clover Health Investments, Corp. (NasdaqGS: CLOV, CLOVW) f/k/a Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC), if they purchased or otherwise acquired the Company’s securities between October 6, 2020 and February 4, 2021, inclusive (the “Class Period”) or pursuant or traceable to the registration statement and prospectus issued in connection with the December 2020 merger of Clover and Social Capital III. These actions are pending in the United States District Court for the Middle District of Tennessee.
What You May Do
If you purchased securities of Clover and/or Social Capital as above and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nasdaqgs-clov/ to learn more. If you wish to serve as a lead plaintiff in this class action by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by April 6, 2021.
About the Lawsuits
Clover and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 7, 2021, the Company completed its merger with Social Capital Hedosophia Holdings Corp. III and began to trade on the NasdaqGS under “CLOV.” On February 4, 2021, a report issued by Hindenburg Research revealed that the Company was under active investigation by the U.S. Department of Justice prior to the merger relating to potential kickbacks and marketing practices, which was not disclosed by the Company. Then, on February 5, 2021, the Company acknowledged that it was aware of the DOJ investigation before entering into the merger, and also disclosed the receipt of an SEC inquiry following publication of Hindenburg’s report.
On this news, the price of Clover’s shares plummeted.
The first-filed case is Bond v. Clover Health Investments, Corp., et al., No. 3:21-cv-00096.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/79342