The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Pendency of Class Action, Certification of Settlement Class, and Proposed Settlement of Class Action; (II) Settlement Hearing; and (III) Motion for an Award of Attorneys' Fees and Reimbursement of Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.

The Notice relates to an approved Settlement of claims in a securities class action brought by investors alleging, among other things, that defendants Clover, Vivek Garipalli, Andrew Toy, Joseph Wagner and Chamath Palihapitiya (collectively, the “Individual Defendants,” and, together with Clover, “Defendants,” and together with Plaintiffs, the “Settling Parties”) violated the federal securities laws by making false and misleading statements related to (i) legal or regulatory violations; (ii) regulatory investigations into those violations; (iii) the sources of Clover’s growth; (iv) use of Clover’s proprietary software by healthcare providers during patient visits; (v) compliance with generally accepted accounting principles (“GAAP”); and (vi) compliance with the United States’ Securities and Exchange Commission’s (“SEC”) Regulation S-K.  A more detailed description of the Action is set forth in paragraphs 11-17 of the Notice.  The approved Settlement settles claims of the Settlement Class, as defined in paragraph 18 of the Notice.

Plaintiffs, on behalf of themselves and the Settlement Class, have agreed to settle the Action in exchange for a settlement payment of $22,000,000.00 in cash (the “Settlement Amount”) to be deposited into an interest-bearing escrow account.  The Net Settlement Fund (i.e., the Settlement Amount plus any and all interest earned thereon (the “Settlement Fund”) less (a) any Taxes, (b) any Notice and Administration Costs, (c) any Litigation Expenses awarded by the Court, and (d) any attorneys’ fees awarded by the Court) will be distributed in accordance with a plan of allocation that has been approved by the Court, which determines how the Net Settlement Fund shall be allocated among members of the Settlement Class.  The approved plan of allocation (the “Plan of Allocation”) is set forth in paragraphs 46-72 of the Notice.

If you are a member of the Settlement Class, your rights will be affected, and you may be eligible for a payment from the Settlement.

The Settlement Class consists of:

all persons or entities who purchased or otherwise acquired Clover securities (including Clover warrants) between October 6, 2020, and February 3, 2021, both dates inclusive.¹

Excluded from the Class are Clover, the Individual Defendants, the officers and directors of the Company, at all relevant times, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which Defendants have or had a controlling interest.  Also excluded from the Settlement Class are any persons and entities who or which properly exclude themselves by filing a valid and timely request for exclusion that is accepted by the Court.

Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.

On October 2, 2023, the Settlement and Plan of Allocation were approved by the court. Payments to eligible claimants will be made after the completion of all claims processing. Please be patient, as this process will take some time to complete.

¹Please see page 7 of the Notice or the section entitled, "How Do I Know If I Am Affected by the Settlement? Who is Included in the Class?" on the FAQ page for the full Settlement Class definition.

How do I obtain more information?

Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims Administrator by calling toll-free 1-877-381-0387 or emailing info@CloverHealthSecuritiesLitigation.com or mailing a letter to:

Clover Health Securities Litigation
c/o JND Legal Administration
PO Box 91462
Seattle, WA 98111

Inquiries should NOT be directed to the Court or the Clerk of the Court.