Clover Health Investor Says Co. Hid DOJ Probe During Merger

By Emilie Ruscoe (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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!