Clover Health Investments Corp. (CLOV) shares gained 2.38% in the after-market on Friday, April 16, 2021. CLOV’s stock gained 20.00% in the normal trading session on Friday. CLOV shares have moved up by 7.43% in the past week. Over the past three months, the stock has lost 37.04%, while over the past six months, it has shed -16.16%.
Let’s have a look at its recent developments and whether is there any particular reason behind its gains on Friday.
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New Board members
On April 15, 2021, Clover Health Investments Corporationannouncedthe appointment of Demetrios L. Kouzakasto its Board of Directors, and will serve as a member of the Audit Committee.
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Demetrios L. Kouzoukas served has served as the Director of the Centres for Medicare and the Principal Deputy Administrator of the Centers for Medicare & Medicaid Services (CMS) till January 2021.
On March 31, 2021, William “Bill” Robinsonjoinedthe Board of Directors of Clover Health Investments, Corp, and will serve as Chair of the Talent & Compensation Committee.
CLOV facing several lawsuits and class actions
Clover Health Investments Corporation is facing several lawsuits and from different law firms on behalf of investors, some of them are mentioned below.
- On April 06, 2021, Kaskela Law LLC filed a class-action lawsuit against Clover Health Investments Corpon behalf of investors who purchased shares of the Company’s securities between October 6, 2020, and February 4, 2021.
- On April 6, 2021, Levi &Korsinsky, LLP issued a statement that a securities class action lawsuit against CLOV has been commenced in the United States District Court for the Middle District of Tennessee.
- On April 6, 2021, Bronstein, Gewirtz & Grossman, LLC said that a class action lawsuit has been filed against Clover Health Investments, Corp. f/k/a Social Capital Hedosophia Holdings Corp. III
Launching of Clover Living magazine
On March 11, 2021, Clover Health Investments, Corp launched Clover Living, a health and wellbeing magazine designed specifically for people over sixty years of age.
The project is led by Andrew Robinson, VP of Communications, who joined Clover in 2020 from The Wall Street Journal publisher, Dow Jones. The quarterly magazine is a multi-year project with Headline Studio which will enable Clover to deploy wholly-owned digital and printed media content to reach its target audiences. The magazine distribution will start by late Spring 2021, with a second issue coming mid-September.
A grant from the National Institute of Health
On March 04, 2021, the National Institutes of Health (NIH)provided a five-year grant to Clover Health Investments, Corp. who is a part of a team to conduct a clinical study with researchers from Massachusetts General Hospital, Harvard Medical School, and ACP Decisions foundation.
The study focuses on the effectiveness of multimedia tools for improving advanced care planning among patients with life-limiting illness receiving home-based primary care.
Conclusion
There is no news in the market to prove its gains on Friday. Even in the recent past, there are no significant developments that could justify its surging on Friday.