EQUITY ALERT: Rosen Law Firm Files Securities Class Action Lawsuit Against Clover Health Investments, Corp. f/k/a Social Capital Hedosophia Holdings Corp. III – CLOV, CLOVW, IPOC | Business
NEW YORK – (BUSINESS WIRE) – February 5, 2021–
Rosen Law Firm, a global investor rights law firm, has announced that it has acted on behalf of buyers of the securities of Clover Health Investments, Corp. f / k / a social capital Hedosophia Holdings Corp. III (NASDAQ: CLOV, CLOVW) (NYSE: IPOC) who: (1) purchased or otherwise acquired publicly traded Clover securities between October 6, 2020 and February 4, 2021 inclusive (the “Class Period”); and / or (2) purchased or otherwise acquired Clover securities in accordance with the registration statement and prospectus issued in connection with the merger of Clover and Social Capital III in December 2020. The lawsuit seeks to seek damages for Clover investors under federal securities laws.
According to the lawsuit, throughout the classroom and in the registration statement, defendants made false and / or misleading statements and / or failed to disclose that: (1) Clover’s was actively investigated by the Justice Department on at least 12 issues, starting with kickbacks in marketing practices for no announced transactions with third parties; (2) The DOJ’s investigation posed an existential risk to the company as it derives most of its revenues from Medicare. (3) Clover’s sales were driven by an important, undisclosed related party deal and misleading marketing to the elderly, not alleged “best-in-class” technology. (4) A significant portion of Clover sales were made through an undisclosed relationship between Clover and an outside brokerage firm controlled by Clover’s sales director. and (5) as a result, Defendants’ statements about its business, operations and prospects were materially false and misleading and / or were unfounded at all relevant times. When the real details hit the market, the lawsuit alleged that investors suffered damage.
A class action lawsuit has already been filed. If you want to serve as the lead plaintiff, you must transfer the court no later than April 6, 2021. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. To join the litigation, go to http://www.rosenlegal.com/cases-register-2030.html or discuss your rights or interests in relation to this class action lawsuit. Please contact Phillip Kim, Esq. the law firm Rosen free of charge at 866-767-3653 or by email at email@example.com or firstname.lastname@example.org.
NO CLASS HAS BEEN CERTIFIED IN THE ABOVE PROMOTION. Until a class is certified, you will not be represented by the advisor unless you keep one. You can keep the advice of your choice. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. An investor’s ability to participate in a potential future recovery does not depend on being the lead plaintiff.
Rosen law firm represents investors around the world and focuses on class action and shareholder derivatives litigation. Rosen law firm was ranked # 1 by ISS Securities Class Action Services for number of class action settlements in 2017. The firm has been voted one of the top 3 every year since 2013. Law firm Rosen has achieved its largest ever class action lawsuit for securities against a Chinese company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and reputable sources. Rosen law firm has raised hundreds of millions of dollars for investors. Lawyer advertising. Previous results do not guarantee a similar result.
CONTACT: Laurence Rosen, Esq.
275 Madison Avenue, 40th floor
Toll Free: (866) 767-3653
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
KEYWORD IN INDUSTRY: LEGAL PROFESSIONAL SERVICES
SOURCE: The Rosen, PA law firm
Copyright Business Wire 2021.
PUB: 02/05/2021 09:34 PM / DISC: 02/05/2021 09:34 PM
Copyright Business Wire 2021.