Clover Health resolves derivative suits; $2.5M counsel fees, governance changes

CLOVER HEALTH INVESTMENTS, CORP. /DE

Settlement requires no monetary payment to shareholders; $2.5M in fees to plaintiffs' counsel subject to court approval.
Company must implement corporate governance enhancements as part of settlement.
Court preliminarily approved settlement on March 5, 2024; final approval hearing set for July 11, 2024.
Derivative actions stemmed from Hindenburg Research allegations and 2021 de-SPAC merger.

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