Finance

Chamath Palihapitiya-backed Clover Health gets notice of SEC investigation

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Chamath Palihapitiya

Olivia Michael | CNBC

Chamath Palihapitiya-backed Clover Health Investments said Friday it received a notice of investigation from the Securities and Exchange Commission and that it intends to cooperate.

Clover, however, pushed back against a critical report from short-selling specialist Hindenburg Research, saying some claims in the report were “completely untrue.”

On Thursday, Hindenburg published a scathing report, the title of which called Clover Health a “broken business,” sending the insurance firm’s shares down more than 12%, their biggest daily percentage drop in four months. Shares of Clover rose more than 3% in premarket trading Friday after the company…



Source cnbc.com

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