Clover Health Investments Corp.
10/25/2024 | Press release | Distributed by Public on 10/25/2024 14:06
Material Event Form 8 K
Item 8.01. Other Events.
As previously disclosed, on March 26, 2024, Plaintiff Bruce Taylor ("Plaintiff"), a putative shareholder of Clover Health Investments, Corp. (the "Company"), filed a putative class action complaint, captioned Bruce Taylor v. Chelsea Clinton, et al., C.A. No. 2024-0305-MTZ (Del. Ch.) (the "Action"), against the Company and its directors in the Delaware Court of Chancery challenging a Company bylaw governing the process for nominating a candidate to the Company's board of directors as preclusive and coercive. Also as previously disclosed, in June 2024, the Company adopted an amendment to its bylaws mooting the Action, and the Plaintiff voluntarily dismissed the suit, with the court retaining jurisdiction solely for the purpose of determining Plaintiff's counsel's application for attorneys' fees and reimbursement of expenses (the "Fee Application"). Solely to avoid the time and expense of continued litigation, the parties agreed to resolve the Fee Application in exchange for a payment by Clover Health of $250,000 to Plaintiff's counsel.