Medicare provider Clover Health Investments, Corp.’s (CLOV) stock has been under pressure as it works to resolve multiple class action lawsuits. The company recently announced that it had reached a settlement agreement for seven pending derivative lawsuits. With this development, CLOV has now settled all outstanding civil litigation related to its de-SPAC transaction.
However, the settlement remains subject to the completion of definitive documentation and obtaining final court approval. The lawsuits claimed the company failed to disclose that it was under federal investigation before its initial public offering.
