Summary Notice of Pendency and Proposed Settlement of Class Action for All Purchasers or Acquirers of Clover Health Investments, Corp. Securities
SEATTLE, July 28, 2023 /PRNewswire/ --
UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF TENNESSEE
TIMOTHY BOND, |
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Lead Plaintiff |
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Case No. 3:21-cv-00096-AT-AN |
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JEAN-NICOLAS TREMBLAY |
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Named Plaintiff, |
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individually and on behalf of all others similarly |
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v. |
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CLOVER HEALTH INVESTMENTS, CORP. |
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Defendants. |
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SUMMARY 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
TO: All persons and entities who, during the period from October 6, 2020 and February 3, 2021, both dates inclusive (the "Settlement Class Period"), purchased or otherwise acquired Clover Health Investments, Corp. f/k/a Social Capital Hedosophia Holdings Corp. III ("Clover") securities (the "Settlement Class"):
PLEASE READ THIS NOTICE CAREFULLY, YOUR RIGHTS WILL BE AFFECTED BY A CLASS ACTION LAWSUIT PENDING IN THIS COURT.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Middle District of Tennessee, that the above-captioned litigation (the "Action") has been certified as a class action on behalf of the Settlement Class, except for certain persons and entities who are excluded from the Settlement Class as set forth in the full printed 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 (the "Notice").
YOU ARE ALSO NOTIFIED that Plaintiffs in the Action have reached a proposed settlement of the Action for $22,000,000.00 in cash (the "Settlement"), that, if approved, will resolve all claims in the Action.
A hearing will be held on October 2, 2023 at 3:30 p.m., before the Honorable Aleta Trauger at the United States District Court for the Middle District of Tennessee, Fred D. Thompson U.S. Courthouse and Federal Building, Courtroom 6C, 719 Church Street, Nashville, TN 37203, or by telephonic, video conferencing or other electronic means, as posted on the website of the Claims Administrator. The hearing will determine (i) whether the proposed Settlement should be approved as fair, reasonable, and adequate; (ii) whether the Action should be dismissed with prejudice against Defendants, and the Releases specified and described in the Stipulation And Agreement Of Settlement (and in the Notice) should be granted; (iii) whether the proposed Plan of Allocation should be approved as fair and reasonable; (iv) whether Lead Counsel's application for an award of attorneys' fees and reimbursement of Litigation Expenses should be approved, and (v) whether to award Plaintiffs out of the Settlement Fund pursuant to 15 U.S.C. §78u-4(a)(4) in connection with their representation of the Settlement Class and, if so, in what amount.
If you are a member of the Settlement Class, your rights will be affected by the pending Action and the Settlement, and you may be entitled to share in the Settlement Fund. If you have not yet received the Notice and Claim Form, you may obtain copies of these documents by contacting the Claims Administrator at Clover Health Securities Litigation , c/o Clover Health Securities Litigation, c/o JND Legal Administration, PO Box 91462, Seattle, WA 98111, toll free on 1-877-381-0387, or via email at [email protected] Copies of the Notice and Claim Form can also be downloaded from the website maintained by the Claims Administrator, www.CloverHealthSecuritiesLitigation.com.
If you are a member of the Settlement Class, in order to be potentially eligible to receive a payment under the proposed Settlement, you must submit a Claim Form postmarked no later than October 9, 2023. If you are a Settlement Class Member and do not submit a proper Claim Form, you will not be eligible to share in the distribution of the net proceeds of the Settlement, but you will nevertheless be bound by any judgments or orders entered by the Court in the Action.
If you are a member of the Settlement Class and wish to exclude yourself from the Settlement Class, you must submit a request for exclusion such that it is received no later than September 11, 2023, in accordance with the instructions set forth in the Notice. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court in the Action and you will not be eligible to share in the proceeds of the Settlement.
Any objections to the proposed Settlement, the proposed Plan of Allocation, or Lead Counsel's motion for attorneys' fees and reimbursement of expenses, must be filed with the Court and delivered to representatives of Lead Counsel and Defendants' Counsel such that they are received no later than September 11, 2023, in accordance with the instructions set forth in the Notice.
Please do not contact the Court, the Clerk's office, Clover, or Defendants' counsel regarding this notice. All questions about this notice, the proposed Settlement, or your eligibility to participate in the Settlement should be directed to Lead Counsel or the Claims Administrator.
Requests for the Notice and Claim Form should be made to:
Clover Health Securities Litigation
c/o JND Legal Administration
PO Box 91462
Seattle, WA 98111
[email protected]
Inquiries, other than requests for the Notice and Claim Form, should be made to Lead Counsel:
POMERANTZ LLP
Brian Calandra
600 Third Avenue, 20th Floor
New York, NY 10016
[email protected]
By Order of the Court
United States District Court
Middle District of Tennessee
SOURCE JND Legal Administration
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