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...
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