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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have 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. This action is pending in the United States District Court for the Middle District of Tennessee.
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.
If you purchased securities of Clover and/or Social Capital as above and would like to discuss your legal rights and how this case 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 fill out the form on this page.