Datapoint: Clover Health to Face Lawsuit Over Misled Investors
March
9
A U.S. District judge on Feb. 28 declined Medicare Advantage startup Clover Health’s request to dismiss a lawsuit from shareholders, alleging the company misled investors during its initial public offering. The “multiple legal and regulatory violations” include violations of the False Claims Act, kickbacks to providers and office staff, misleading claims about Clover Assistant and improperly filed SEC documents. Clover Health currently serves 83,345 Medicare Advantage members, having performed well in the 2022 Annual Election Period, seeing 27.8% growth from Feb. 2021.
Source: AIS’s Directory of Health Plans
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