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Clover Health Investor Says Co. Hid DOJ Probe During Merger
Law360 (February 8, 2021, 10:53 PM EST) Medicare Advantage provider Clover Health Investments Corp. was hit Friday with a proposed securities class action in Nashville federal court alleging the company failed to disclose that federal prosecutors were scrutinizing the company as it went public via merger with a special purpose acquisition company.
In the Feb. 5 suit, individual investor Timothy Bond claimed that shares of both Social Capital Hedosophia Holdings Corp. III, the blank check shell corporation Clover merged with, and the company created when the merger was completed in January were artificially inflated between Oct. 6, 2020, when the merger was announced, and Feb. 3, 2021, the.
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February 9, 2021 A class-action complaint was filed Friday in the Middle District of Tennessee against Medicare Advantage insurer Clover Health Investments and three Clover officials over allegedly representing their company in ways that inflated its common stock share price, only to deflate after a report claimed to reveal that such representations were misleading.
After a merger was completed Jan. 7 between Clover and Social Capital Hedosophia Holdings Corp. III (SCH), which is traded on the New York Stock Exchange under ticker symbol “IPOC,” Clover became a publicly traded company under “CLOV.” The IPOC/CLOV common stock traded at up to $17.45 per share during the class period (beginning Oct. 6, 2020, when the companies announced their merger), according to the complaint.
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