Clover Health Investments Corp.
Lead Plaintiff Deadline: 04/06/2021
SUMMARY OF CASE:
A securities class action has been filed against Clover Health Investments Corp. (CLOV) behalf of all persons and entities who purchased or otherwise acquired Clover Health common stock between October 6, 2020 through February 3, 2021. This case has been filed in the USDC – Tennessee (Middle).
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Clover was the recipient of a Civil Investigative Demand from the Department of Justice; (ii) much of Clover’s sales are driven by a major related party deal that Clover not only failed to disclose but took active steps to conceal; (iii) Clover’s subsidiary Seek Insurance failed to disclose its relationship with Clover and misled consumers as to its purported independence; (iv) Clover’s software was in fact rudimentary; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.