Investors with losses are encouraged to contact the firm before April 6, 2021; click here to submit trade information

LOS ANGELES, Feb. 10, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Clover Health Investments, Corp. (NASDAQ: CLOV) investors that acquired shares between October 6, 2020 and February 3, 2021. Investors have until April 6, 2021 to seek an active role in this litigation.

Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.

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 acknowledged on February 5, 2021 that it was aware of the DOJ investigation prior to its entry into the business combination with Social Capital Hedosophia Holdings Corp. III, also disclosing that it had received an inquiry from the U.S. Securities and Exchange Commission following publication of Hindenburg's report.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 6, 2021.

Please visit our website to review more information and submit your transaction information.

The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.

Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com

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