Shareholder Memory: Investors who purchased or acquired public commercial clover securities during class, no later than April 6, 2021, may wish to be named as the plaintiff ‘s principal representative of the class. For more information or to find out how you can participate in this law, contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 and Adrienne Bell, Esq. (484) 270-1435; tax free at (844) 887-9500; via email at [email protected]; no click https://www.ktmc.com/clover-health-investments-corp-securities-class-action?utm_source=PR&utm_medium=link&utm_campaign=clover
According to the complaint, Clover provides health insurance services. Shamrock was made available to the public through a backward merger with IPOC, a Special Purpose Building Company (the “Business Combination”). Prior to the merger, IPOC traded on the New York stock exchange. The Class Time begins on October 6, 2020, when Clover issued a press release announcing its intention to become a public company through a merger with IPOC. On 20 October 2020, Clover submitted the registration statement and the initial forecast / forecast on Form S-4 with the SEC (the “Registration Statement”). The Registration Statement was amended on 9 December 2020 and 10 December 2020, and was declared effective on 11 December 2020. The Registration Statement touched on the growth of Clover as both organic and organic.
On February 4, 2021, ahead of market hours, Hindenburg Research published a research report that revealed that Clover’s flagship platform, Clover Supporter, was the subject of a U.S. Department of Justice (“DOJ”) investigation for a number of cases, which including illegal bribes, marketing practices, and related unpublished matters. Hindenburg found that Clover’s sales growth was not driven by technology, but by deceptive sales practices. Following this news, Clover Common Stock (CLOV) fell $ 1.72 per share, or 12.3%, to close at $ 12.23 per share on February 4, 2021, while Clover (CLOVW) warrants fell $ 0.18 per share, or 5% , to close at $ 3.39 per warranty on February 4, 2021.
On February 5, 2021, prior to the market opening, Clover filed Form 8-K indicating that the SEC was “inspecting and requesting document and data retention for the period from 1 January 2020, to the present day, relating to specific matters. referred to in the [Hindenburg Research report]. ”Following this news, Clover Common Stock (CLOV) fell $ 0.53 per share, or 4.3% at interbank trading on February 5, 2021, while Clover (CLOVW) fell $ 0.28 per share, or 8.2% at interbank trading time on February 5, 2021.
The complaint alleges that, during class time, the defendants made false and / or misleading statements and / or did not disclose: (1) A shamrock was under active scrutiny by the DOJ for co -there are at least 12 cases ranging from illegal bribes, to marketing practices, to unpublished related contracts; (2) the DOJ ‘s study gave Clover a risk of survival, as he derives most of his income from Medicare; (3) Shamrock sales were driven by a large unpublished party contract and deceptive marketing aimed at the elderly, not the “best in class” technology they claimed; (4) a significant proportion of shamrock sales were from an undisclosed relationship between Shamrock and a bankruptcy company controlled by the Head of Clover Sales; and (5) as a result, the defendant’s statements about his or her business, work, and expectations were misleading and misleading and / or lacked a reasonable basis.
Shamrock investors, no later than April 6, 2021, may apply to be appointed as the plaintiff’s principal representative of the class through Kessler Topaz Meltzer & Check, LLP, or other advisor, or they may opt out of nothing and remain an absent member of the class. A master planner is a representative party that acts on behalf of class members in enforcing the law. In order to be named as the lead planner, the Court must confirm that the class member’s application is standard in the applications of other class members, and that the class member will appropriately represent the class. The decision as to whether or not you should be the main complainant has no effect.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts across the country including securities fraud, breach of trust obligations and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is the driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The company represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in recovering government dollars) . The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP visit www.ktmc.com.
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