The Legislation Offices of Frank R. Cruz Announces the Filing of a Securities Course Motion on Behalf of Clover Wellbeing Investments, Corp. (CLOV, CLOVW) f/k/a Social Money Hedosophia Holdings Corp. III (IPOC) Traders

LOS ANGELES–(Business WIRE)–The Legislation Places of work of Frank R. Cruz announces that a class motion lawsuit has been filed on behalf of persons and entities that bought or in any other case obtained Clover Health and fitness Investments, Corp. (NASDAQ: CLOV, CLOVW) (“Clover Health” or the “Company”) f/k/a Social Money Hedosophia Holdings Corp. III (NYSE: IPOC) (“Social Cash III”) securities: (1) in between Oct 6, 2020 and February 4, 2021, inclusive (the “Class Period”) and/or (2) pursuant or traceable to the registration statement and prospectus issued in connection with the December 2020 Merger of Clover and Social Cash III (the “Registration Statement”). Clover investors have right up until April 6, 2021 to file a lead plaintiff motion.

If you are a shareholder who suffered a reduction, click right here to take part.

On February 4, 2021, Hindenburg Study unveiled a report entitled “Clover Overall health: How the ‘King of SPACs’ Lured Retail Investors Into a Broken Business enterprise Struggling with an Lively, Undisclosed DOJ Investigation[.]” The report alleged, among the other matters, that “Clover has not disclosed that its enterprise product and its program offering, named the Clover Assistant, are less than energetic investigation by the Department of Justice (DOJ), which is investigating at least 12 concerns ranging from kickbacks to marketing and advertising methods to undisclosed third-occasion specials.”

On this news, the Company’s stock rate fell $1.72 for each share, or 12.3%, to close at $12.23 per share on February 4, 2021, thereby injuring buyers.

On February 5, 2021, Clover issued a reaction in which it admitted, amongst other factors, that it was knowledgeable of the DOJ investigation. The Business also disclosed that it had received a letter from the U.S. Securities and Trade Commission (“SEC”), indicating that it is conducting an investigation and requesting document and info preservation from January 1, 2020 to the present.

The criticism filed alleges that in the course of the Class Period, Defendants created materially wrong and/or misleading statements, as perfectly as unsuccessful to disclose substance adverse details about the Company’s company, functions, and potential customers. Exclusively, Defendants unsuccessful to disclose to traders that: (1) the Company’s Clover Assistant system was less than energetic investigation by the DOJ for at the very least 12 issues ranging from kickbacks to marketing procedures to undisclosed 3rd-social gathering bargains (2) the DOJ’s investigation presented an existential risk to the Corporation, because it derives most of its revenues from Medicare (3) Clover’s product sales were pushed by a main undisclosed relevant social gathering deal and deceptive advertising targeting the elderly, not its purported “best-in-class” technological know-how (4) a important part of Clover’s product sales have been by way of an undisclosed romance between Clover and an outside the house brokerage business controlled by Clover’s Head of Gross sales and (5) as a result, Defendants’ statements about its enterprise, operations, and potential clients, were being materially untrue and misleading and/or lacked a sensible foundation at all pertinent periods.

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If you acquired Clover Wellbeing securities through the Course Time period, you may shift the Courtroom no later than April 6, 2021 to talk to the Court docket to appoint you as guide plaintiff. To be a member of the Course you will need not get any motion at this time you may possibly keep counsel of your preference or get no action and remain an absent member of the Class. If you acquired Clover Health securities, have data or would like to study a lot more about these statements, or have any thoughts regarding this announcement or your rights or interests with regard to these matters, you should get in touch with Frank R. Cruz, of The Law Workplaces of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by e-mail to [email protected], or check out our internet site at If you inquire by e mail remember to involve your mailing deal with, telephone variety, and quantity of shares ordered.

This push launch may perhaps be viewed as Legal professional Promotion in some jurisdictions below the relevant law and ethical principles.