According to this complaint, investors were misled by Clover and its senior management about the fact that it was the subject of an investigation by the U.S. Department of Justice. Investors learned the truth about Clover on February 4, 2021, when a report published by Hindenburg Research stated that Clover has been under active investigation by the DOJ for issues ranging from marketing practices to kickbacks to undisclosed third-party deals. Prior to the merger, Clover did not reveal the existence of the DOJ inquiry. On this news, Clover shares fell $1.72 – or 12% – from a closing price of $13.95 on February 3, 2021 to a closing price of $12.23 on February 4, 2021.
Clover Health Investments, Corp.
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