{"id":470344,"date":"2021-04-02T11:03:45","date_gmt":"2021-04-02T15:03:45","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470344"},"modified":"2021-04-02T11:03:45","modified_gmt":"2021-04-02T15:03:45","slug":"the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-clover-health-investments-corp-clov-clovw-f-k-a-social-capital-hedosophia-holdings-corp","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-clover-health-investments-corp-clov-clovw-f-k-a-social-capital-hedosophia-holdings-corp\/","title":{"rendered":"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC)"},"content":{"rendered":"<p>        <!--body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC)<\/b><\/p>\n<p>LOS ANGELES&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2F&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=The+Law+Offices+of+Frank+R.+Cruz&amp;index=1&amp;md5=ff8982fe2a506d50fa8cc633f537b232\">The Law Offices of Frank R. Cruz<\/a> reminds investors of the upcoming <b>April 6, 2021<\/b> deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Clover Health Investments, Corp. (NASDAQ: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FCLOV&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=CLOV&amp;index=2&amp;md5=190ccb31b0cddaf0efa852f3d6e5763c\">CLOV<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ffinance.yahoo.com%2Fquote%2FCLOVW&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=CLOVW&amp;index=3&amp;md5=3ffc98fdeffb297f39d4a2321290a5dd\">CLOVW<\/a>) (\u201cClover Health\u201d or the \u201cCompany\u201d) f\/k\/a Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (\u201cSocial Capital III\u201d) securities: (1) between <b>October 6, 2020 and February 4, 2021<\/b>, inclusive (the \u201cClass Period\u201d); and\/or (2) pursuant or traceable to the registration statement and prospectus issued in connection with the December 2020 Merger of Clover and Social Capital III (the \u201cRegistration Statement\u201d).\n<\/p>\n<p>\nIf you are a shareholder who suffered a loss, click <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com%2Fcases%2Fclover-health-investments-corp%2F&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=here&amp;index=4&amp;md5=14d5d1d7363d95c119e01c77c81df855\">here<\/a> to participate.\n<\/p>\n<p>\nOn February 4, 2021, Hindenburg Research released a report entitled &#8220;Clover Health: How the \u2018King of SPACs\u2019 Lured Retail Investors Into a Broken Business Facing an Active, Undisclosed DOJ Investigation[.]&#8221; The report alleged, among other things, that &#8220;Clover has not disclosed that its business model and its software offering, called the Clover Assistant, are under active investigation by the Department of Justice (DOJ), which is investigating at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals.&#8221;\n<\/p>\n<p>\nOn this news, the Company\u2019s stock price fell $1.72 per share, or 12.3%, to close at $12.23 per share on February 4, 2021, thereby injuring investors.\n<\/p>\n<p>\nOn February 5, 2021, Clover issued a response in which it admitted, among other things, that it was aware of the DOJ investigation. The Company also disclosed that it had received a letter from the U.S. Securities and Exchange Commission (\u201cSEC\u201d), indicating that it is conducting an investigation and requesting document and data preservation from January 1, 2020 to the present.\n<\/p>\n<p>\nThe complaint filed alleges that throughout the Class Period, Defendants made materially false and\/or misleading statements, as well as failed to disclose material adverse facts about the Company\u2019s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company\u2019s Clover Assistant platform was under active investigation by the DOJ for at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals; (2) the DOJ\u2019s investigation presented an existential risk to the Company, since it derives most of its revenues from Medicare; (3) Clover\u2019s sales were driven by a major undisclosed related party deal and misleading marketing targeting the elderly, not its purported \u201cbest-in-class\u201d technology; (4) a significant portion of Clover\u2019s sales were by way of an undisclosed relationship between Clover and an outside brokerage firm controlled by Clover\u2019s Head of Sales; and (5) as a result, Defendants&#8217; statements about its business, operations, and prospects, were materially false and misleading and\/or lacked a reasonable basis at all relevant times.\n<\/p>\n<p>\nFollow us for updates on Twitter: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftwitter.com%2FFRC_LAW&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=twitter.com%2FFRC_LAW&amp;index=5&amp;md5=769b2803c712b99ddcfddce040fc8d83\">twitter.com\/FRC_LAW<\/a>.\n<\/p>\n<p>\nIf you purchased or otherwise acquired Clover Health securities during the Class Period, you may move the Court no later than <b>April 6, 2021 <\/b>to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to <a rel=\"nofollow\" href=\"mailto:info@frankcruzlaw.com\">info@frankcruzlaw.com<\/a>, or visit our website at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=6&amp;md5=f1eac298f6098480b483b5c9d292179d\">www.frankcruzlaw.com<\/a>. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.\n<\/p>\n<p>\nThis press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210402005036r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210402005036\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210402005036\/en\/<\/a><\/span><\/p>\n<p>\nThe Law Offices of Frank R. Cruz, Los Angeles<br \/>\n<br \/>Frank R. Cruz, 310-914-5007<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:fcruz@frankcruzlaw.com\">fcruz@frankcruzlaw.com<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.frankcruzlaw.com&amp;esheet=52405890&amp;newsitemid=20210402005036&amp;lan=en-US&amp;anchor=www.frankcruzlaw.com&amp;index=7&amp;md5=57ef141eeed8952a6acc8dbd3fe0fda1\">www.frankcruzlaw.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Legal Professional Services<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210402005036\/en\/765953\/3\/Close_Up_Logo_HD_Blue.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC) LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming April 6, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Clover Health Investments, Corp. (NASDAQ: CLOV, CLOVW) (\u201cClover Health\u201d or the \u201cCompany\u201d) f\/k\/a Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (\u201cSocial Capital III\u201d) securities: (1) between October 6, 2020 and February 4, 2021, inclusive (the \u201cClass Period\u201d); and\/or (2) pursuant or traceable to the registration statement and prospectus issued in connection with the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-clover-health-investments-corp-clov-clovw-f-k-a-social-capital-hedosophia-holdings-corp\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-470344","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC) - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-law-offices-of-frank-r-cruz-reminds-investors-of-looming-deadline-in-the-class-action-lawsuit-against-clover-health-investments-corp-clov-clovw-f-k-a-social-capital-hedosophia-holdings-corp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC) - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC) LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming April 6, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Clover Health Investments, Corp. (NASDAQ: CLOV, CLOVW) (\u201cClover Health\u201d or the \u201cCompany\u201d) f\/k\/a Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (\u201cSocial Capital III\u201d) securities: (1) between October 6, 2020 and February 4, 2021, inclusive (the \u201cClass Period\u201d); and\/or (2) pursuant or traceable to the registration statement and prospectus issued in connection with the &hellip; Continue reading &quot;The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. 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Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. (CLOV, CLOVW) f\/k\/a Social Capital Hedosophia Holdings Corp. III (IPOC) LOS ANGELES&#8211;(BUSINESS WIRE)&#8211;The Law Offices of Frank R. Cruz reminds investors of the upcoming April 6, 2021 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Clover Health Investments, Corp. (NASDAQ: CLOV, CLOVW) (\u201cClover Health\u201d or the \u201cCompany\u201d) f\/k\/a Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC) (\u201cSocial Capital III\u201d) securities: (1) between October 6, 2020 and February 4, 2021, inclusive (the \u201cClass Period\u201d); and\/or (2) pursuant or traceable to the registration statement and prospectus issued in connection with the &hellip; Continue reading \"The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Clover Health Investments, Corp. 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