Datapoint: Clover Health Settles Shareholder Lawsuits

Startup insurer Clover Health said it has reached an agreement to settle seven shareholder-filed lawsuits that accused the Medicare Advantage-focused insurtech of concealing material information from investors before going public. In April, the company agreed to pay $22 million to settle a similar class-action lawsuit filed by shareholders, which centered on allegations outlined in a report from the activist short-selling firm Hindenburg Research. Clover did not admit wrongdoing as part of either the April settlement or the June agreement, which will resolve the remaining shareholder-led civil cases filed against it in Delaware, New York, and Tennessee courts. Clover currently enrolls 82,661 MA members in six states.

Source: AIS’s Directory of Health Plans

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