LOS ANGELES, CA / ACCESSWIRE / March 1, 2021 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Clover Health Investments, Corp. f/k/a Social Capital Hedosophia Holdings Corp. III ("Clover" or "the Company") (NASDAQ:CLOV)(NASDAQ:CLOVW) violations of the federal securities laws.
Investors who purchased or otherwise acquired publicly traded Clover securities between October 6, 2020 and February 4, 2021, inclusive (the "Class Period"); and/or purchased or otherwise acquired Clover securities pursuant or traceable to the registration statement and prospectus issued in connection with the December 2020 Merger of Clover and Social Capital III, are encouraged to contact the firm before April 6, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at email@example.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Clover was the subject of an active DOJ investigation of at least 12 issues including kickbacks and deceptive marketing. The investigation represented a major threat to the Company's future due to its dependence on Medicare for revenue. The Company's sales were not driven by its "best-in-class" technology as it touted, but rather by misleading marketing practices aimed at senior citizens. A considerable portion of the Company's sales were derived from an undisclosed relationship with a brokerage firm controlled by the Clover's head of sales. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Clover, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm
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