Yahoo Finance July 19, 2021
Clover Health (CLOV) CEO Vivek Garipalli has had a tumultuous year following the company’s merger with Chamath Palihapitiya’s SPAC. Though now a meme stock, it’s battling lawsuits spurred by a report from short-seller firm Hindenburg Research alleging the company withheld information about legal issues from investors.
It isn’t the health care executive’s first run-in with criticism about his business practices. Three New Jersey hospitals he owned and operated, with two partners, made headlines for pricey patient visits. An investigation by the state in 2019 uncovered a complex structure of shell companies that billed the hospital for “management fees” to the tune of $157 million in a three-year timespan. No wrong doing was discovered, however the inquiry prompted the state to...
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