NEW YORK, Feb.23, 2021 / PRNewswire / – Wolf Popper LLP is investigating potential claims of stock fraud on behalf of common stock buyers of Clover Health Investments, Corp. (NASDAQ: CLOV).
On April 21, 2020, Social Capital Hedosophia Holdings Corp. III (SCH), a blank / special check acquisition firm (SPAC), had its IPO. SCH titles were listed under the symbols IPOC, IPOC.WS and IPOC.U. On October 6, 2020, SCH announced a merger deal with Clover Health Investments, Corp. The deal ended on January 7, 2021, and SCH changed its name to Clover Health Investments, Corp. and its stock symbol to “CLOV”.
On February 4, 2021, Hindenburg Research released a report stating that Clover was “actively investigated by the Department of Justice (DOJ), which is investigating at least 12 issues ranging from bribes to marketing practices for undisclosed third party agreements, according to a civil investigation request (similar to a subpoena) [Hindenburg] obtained. ”
According to this news, Clover’s share price fell more than 12% and closed at $ 12.23 per share on February 4, 2021.
On February 5, Clover released a response to Hindenburg’s article. Clover stated, among other things …
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