San Francisco, California – (Newsfile Corp. – 17th March 2021) – Hagens Berman Encourages Clover Health Investments, Corp (NASDAQ: CLOV) Investors Must File Their Losses Now A class action lawsuit for securities fraud has been filed and certain investors may have valuable claims
Class time: Oct. 6, 2020 – Feb 3, 2021 Lead Plaintiff Deadline: Apr 6, 2021 Visit: wwwhbsslawcom / investor scam / CLOV Contact an attorney now: CLOV @ hbsslawcom 844-916-0895
The complaint alleges that throughout the classroom, defendants misrepresented and concealed the following: (1) Clover’s Clover Assistant platform was investigated by the Department of Justice on at least 12 questions, ranging from setbacks to marketing practices third parties not mentioned submitted offers; (2) The DOJ’s investigation posed an existential risk to Clover as it derives most of its revenues from Medicare and (3) Clover’s sales were driven by an important undisclosed related party deal and misleading marketing to the elderly, not alleged “best-in-class” technology
Investors reportedly began learning the truth on February 4, 2021 when Hindenburg Research released a scathing report on the company claiming Clover’s sales were the result of misleading marketing activities aimed at the elderly and one important, unnamed Related Party Contract
Hindenburg alleged Clover kept silent about the DOJ’s active investigation of the company for illegal setbacks and misleading marketing practices Hindenburg alleged the company was using a subsidiary, Seek Insurance Services, to mislead seniors into acquiring Clover plans, citing According to former employee reports, Hindenburg said “a large part of Clover’s revenue is driven by an important, undisclosed relationship between Clover and [B&H Assurance], an outside brokerage company controlled by Clover’s sales director (Hiram Bermudez)”
The next day, Clover admitted that he was fully aware of the DOJ’s investigation and Bermudez’s ownership of B&H Assurance. The company also announced that it had received a letter from the SEC following the Hindenburg report >
“We’re focusing on investor losses and whether Clover has misled investors about the legality of its business practices and related financial reporting,” said Reed Kathrein, the Hagens Berman partner who led the investigation,
If you’ve invested in Clover stock, click here to discuss your statutory rights with Hagens Berman
Whistleblowers: Individuals with nonpublic information about Clover should review their options to help with the investigation or to take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information can receive rewards of up to 30 % of every successful recovery received by the SEC For more information call Reed Kathrein at 844-916-0895 or email CLOV @ hbsslawcom
About Hagens BermanHagens Berman is a national law firm with nine offices in eight cities across the country and eighty attorneys.The firm represents investors, whistleblowers, employees and consumers in complex litigation. For more about the company and its achievements, visit hbsslawcom for the latest News visit our newsroom or follow us on Twitter at @classactionlaw
US. Shares closed higher on Wednesday, shaking off previous losses after Fed policy makers said no rate hikes were expected through 2023, even if inflation surpasses 2%
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(Bloomberg) – Federal Reserve Chairman Jerome Powell said current monetary policy is reasonable and there is no reason to oppose a surge in government bond yields last month, “The stance of monetary policy that We represent today, we believe is appropriate, “Powell said in a virtual press conference on Wednesday after a meeting of the Federal Open Market Committee.” We believe that our asset purchases in their current form – that is, across the curve, net $ 80 billion $ 40 billion in government bonds, $ 40 billion in mortgage-backed securities – this is the place to be for our asset purchases”” US. Treasury bond yields rose sharply last month as the economic outlook improved amid accelerated vaccinations and $ 1 trillion in new grants, with investors increasing their bets that the Fed will hike rates sooner than previously announced. Benchmark rate rose to its highest level since the Covid-19 pandemic more than a year ago on Wednesday, while the 30-year rate of return hit its highest level since 2019 “If you look at various indices of financial health, you will find that they generally show that the overall financial position is very accommodative, “said Powell.” And that’s reasonable. “The rise in yields had sparked a debate about whether the central bank would oppose this move – perhaps by pointing out that the Increase would lead to an undesirable worsening of the financial position – which would be a prelude to Fed intervention Powell reiterated his view earlier this month: “I would be concerned about disorderly conditions in the markets or continued tightening of financial conditions that jeopardize the achievement of our goals.” The Fed has tools to blunt rising yields if they do so including buying longer-term government bonds, shifting asset purchases on government bonds from mortgage-backed securities, or targeting certain numerical benchmarks for returns known as yield curve control.For more articles like this, please visit us on BloombergcomSubscribe now to connect with the most trusted business news source To be ahead of the pack © 2021 Bloomberg LP.
(Bloomberg) – Chinese search engine Baidu Inc raised HK $ 239 billion ($ 3 billion) on its Hong Kong stock sale that sealed the latest in a series of blockbuster stock offerings in the financial center, according to a report filed on Wednesday, the company is selling 95 million shares at one price priced at HK $ 252 each, representing a discount of nearly 3% off Baidu’s closing price on Tuesday in New York of $ 266.78 One of Baidu’s American securities account equals eight of its Hong Kong-listed common shares, Nasdaq-listed Baidu follows its online website for auto sales Autohome Inc after a wave of such stock sales in 2020 that raised roughly $ 17 billion to break into Hong Kong.Other companies looking to sell stakes in the city include Tencent Music Entertainment Group and video site Bilibili IncAt $ 3.1 billion, Baidu’s listing is the largest such homecoming of any US.- Chinese company traded in Hong Kong since NetEase IncThe June 2020 offer, which raised HK $ 24 billion, a growing cohort of Chinese companies has sought to expand their investor base closer to their home country amid deteriorating relationships between the world’s two largest economies, the trend has the listing volume for the Hong Kong stock exchange which now has a growing contingent of tech companies trading in the city. Global IPOs are well on their way to a record high in Q1 thanks to a U.The boom in blank check companies has increased, although volatility in the markets has increased amid concerns over rising inflation, Baidu, once a technology leader in China, is now catching up as the country’s internet users increasingly switch from desktop to mobile in recent years The company has spent billions of dollars in areas such as language learning and autonomous driving, banking on the smart devices and vehicles of the future, Bank of America Corp., CLSA Ltd and Goldman Sachs Group Inc are joint sponsors of the offering, while China International Capital Corp., UBS Group AG and CCB International Holdings Ltd are joint global coordinators, according to Wednesday’s statement, Baidu shares are due to be released on Jan. For more items like this, please visit us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP.
(Bloomberg) – Griddy Energy LLC has one last deal for Texans before the electricity seller finally closes: When its 29th000 former clients agree not to sue, the company will cancel utility bills that were roughly 300 times normal in winter storm of the month On the first day before the bankruptcy court, Griddy’s attorneys outlined a plan to wind up, settle with clients and possibly initiate lawsuits against those the company blames for the collapse.The company also received legal clearance to pay its remaining employees and other routine bills while the case continues in Chapter 11US. Bankruptcy judge Marvin Isgur described Griddy’s bankruptcy proposal as “unique and truly unprecedented.” Having overseen some of the largest corporate restructurings in recent years, Isgur has urged Griddy to make sure customers understand how the bankruptcy case affects their huge Affects utility bills after first criticizing Griddy for attempting to pay one of his lenders further down the line”According to Isgur, customers with an average bill of around 1Rewarding $ 100 If Griddy wants to cancel these fees in exchange for customers dropping potential lawsuits, the company must clearly inform people before they vote on the proposal, Isgur said customers are considered creditors voting on the liquidation plan before Isgur decides on approval “This is a tough case,” Isgur said. “I’m really worried we’re going to get this right.” Surging PricesGriddy filed for bankruptcy Monday and made the Texas Electric Reliability Council which runs the power grid Responsible for its troubles during the storm, Ercot is known to have dramatically increased wholesale prices for electricity under the rules enacted by Texan lawmakers that have deregulated much of the state’s electrical industry over several decades from Griddy was banned from the state’s electricity markets in late February, according to To whom Griddy charged wholesale prices instead of fixed ones, knowing that this tariff structure would mean massive bills for its customers as electricity prices rose, it made the unusual move of asking them to switch to a different provider in mid-February for some customers Isgur told the chief attorney, who sued Griddy on behalf of clients, that the company deserves some credit for those efforts. “I don’t see anyone here wanting to go wrong,” Isgur said About the company “But I may have someone here who did something wrong. It’s far too early to make that decision.” Griddy will try to get final approval for his liquidation plan from Isgur within 85 days, “Robin said Spigel von Baker Botts in court on behalf of the utility company E. One option that is being considered is to hire an administrator who will decide whether to file lawsuits to try to raise money that will go to Griddy’s creditors, Spigel said. The case is Griddy Energy LLC, 21- 30923, US. Bankruptcy Court for the Southern District of Texas (Houston) Click here to view the Bloomberg Act Report (Updates with Customer Voting on the Liquidation Plan in Paragraph Four) For more articles like this, please visit us on BloombergcomSubscribe Now to get in touch with the to stay ahead of the most trusted business news source © 2021 Bloomberg LP.
(Bloomberg) – The market for shipping oil across the oceans is so bad right now that the owners of the largest supertankers in the industry are actually subsidizing the delivery of cargoes, strangely enough, are the stocks of two of the largest Pureplay owners in the market – Euronav NV and Frontline Ltd – have steadily recovered since early February This is because the oil tanker sector is becoming a hot vaccine against coronavirus The coronavirus has devastated both global oil demand and supply, reducing the fees owners charge for individual cargo shipments Industry executives are little catastrophic, but shipbrokers and analysts say there is reason to move up: the more oil that is now kept out of the market, the harder it will be to snapback, as vaccination programs help revive global oil demand – and with it the flow of cargo. ” We will probably never see the surge in demand that we expect for tankers in the next nine months, “said Eirik Haavaldsen, shipping analyst at Pareto Securities AS in Oslo.” Six months later we will have higher OPEC production because the world is so much more Consume oil when vaccines take effect and si ch the economy recovers “Coming BackIt’s an optimism that has already invaded the oil market including banks including Goldman Sachs Group Inc, Citigroup Inc and JPMorgan Chase & Co All have raised their crude oil price projections over the past few months in anticipation of excellent summer demand as vaccination programs go into effect, the International Energy Agency says global oil consumption will return to close to 100 million barrels a day by the end of the year, which is about 6% more than In a report on Wednesday, the agency said OPEC could quickly restore supply if oil markets tighten, but prices for the industry’s largest tankers are currently in the doldrums, but OPEC and its allies surprised markets earlier this month by maintaining existing production cuts for at least a month longer than the oil market expected, oil tankers competing to transport 2 million barrel cargoes from the Middle East to China have been in the so-called charter market since At the beginning of February an average of around 2Lost $ 800 a day This is based on data from the Baltic Exchange Show, which compares to a profit of around 250$ 000 a day a year ago when oil traders were storing fuels at sea on every type of ship they could find due to a downturn in the oil market. Other parts of the shipping market are already strengthening The Baltic Dry Index, a measure of ships that are commodities such as coal and Transporting iron ore is at a five-month high while container shipping rates have also risen in the face of a flood of global inventories There is evidence that tanker owners are also waiting for better times.Usually, such disastrous revenues would alter the supply of ships, with ships either on the beaches of India, Bangladesh and Pakistan are scrapped or sit idly in bays and ports off the coasts of countries like Indonesia and Malaysia So far there is little evidence of this – although ships have the highest scrap values since the end of 2014, but relatively few new ships are being built, which is the incentive for e According to Frode Morkedal, analyst at Clarksons Platou AS, a unit of the world’s largest shipbroker, the outlook for ship supply is the most optimistic since 2003, and the outlook for demand is also positive. “Shipping is one Leverage the global economy and commodity prices, “according to analysts such as Morkedal” The tanker market is expected to recover quickly “(updates with IEA comments in paragraph six) For more articles like this, please visit us on BloombergcomSubscribe now to contact the most trusted business news source to stay ahead © 2021 Bloomberg LP.
Bitcoin could be modeled on Pantera for a price rally north of 100 this summer$ 000 is set
A sudden shake from the Central Bank of Nigeria has put cryptocurrency startups, traders and investors in a difficult state of readjustment
(Bloomberg) – It wasn’t just retailers doing the GameStop Corp. Stock frenzy A legendary billionaire investor committed a minor murder by shorting out stocks for Bill Gross, the former bond king and co-founder of Pacific Investment Management Co, said in an interview on Tuesday on Bloomberg Television that he staked around $ 10 million on the video game company’s stock, but trading didn’t go smoothly. “I got in early,” said Gross. “I was in with about $ 10 million Hole, but he stuck with it to sell for a profit, GameStop stock, which has been one of the hardest-hit stocks on the New York Stock Exchange for months, rose more than 1 since January700% 1 to Jan 27 as a legion of Reddit users piled up, forcing bearish traders to look for stocks and brokers to take the highly unusual move to curb trading. Amid this mania, Gross was trying to bet against the stocks: “I’m with options like one good Robinhood trader I think “He’s not done yet” I’m still selling call options for $ 250 and $ 300, “Gross said.” I think this is the perfect opportunity for option sellers, not buyers, these Leveraging the benefits “After four decades with Pimco, which he made one of the world’s largest asset managers, Gross was best known for its bond bets. For years he achieved industry-leading returns as the manager of the Pimco Total Return Fund In 2013, the company’s net worth neared $ 2 trillion, but it was ousted a year later after arguing with his Pimco partners over strategy, succession and management control, then Gross moved to Janus Henderson Group Plc as a money manager and focused on one relative return versus benchmark on an unconstrained strategy goal was to achieve positive results regardless of market conditions but it didn’t work out Returns were disappointing and Gross retired in March 2019Gross continues to comment on the central bank’s policies and deficits and Speculates his personal fortune in the bond marketsRead More: Bill Gross Says He Is Short Treasuries He said he was on the verge of hitting the last few weeks of the Treasury sell-off that pushed the 10-year yield to a one-year high of over 1.6%. He continues to bet on 10-year futures and the long bond Investor predicts a surge in inflation that will give Federal Reserve Chairman Jerome Powell a “break” on the Fed’s current policy of staying longer. “Inflation, you know, now below 2%, will be in the next Months, “Gross said.” I see a figure of 3% to 4% ahead of us (updates with gross inflation views in the last paragraph) For more articles like this, please visit us on BloombergcomSubscribe now to get the most trustworthy one Business news source to stay ahead of the game © 2021 Bloomberg LP.
The company’s shares were down 164% at $ 184 on their way to their worst weekly performance since early February, with a decline of more than 30% since the close of trading on Friday – Retailers are popular, slumped at the start of Tuesday’s session, with cinema operator AMC Entertainment Holdings Inc down 8% while headphone maker Koss Corp fell 7% GameStop continues to retain a legion of devout followers after a social media frenzy in the January triggered a massive rally that saw its stocks drop by more than 1600% up, rocking hedge funds like Melvin Capital
Marks, who is worth $ 2 billion, said his early comments on Bitcoin were a “knee-jerk reaction”
(Bloomberg) – Production at US. Manufacturers unexpectedly fell back in February, a pause in recent momentum as factories suffered severe winter weather and supply chain issues. The 3% production decline was the first since April, following an upwardly revised 12% gain in January Federal Reserve figures on Tuesday that was worse than any estimates in a Bloomberg poll of economists, the median forecast called for a 2% rise Without the impact of bad weather, factory production would have fallen about 0.5% in February, the Fed said in a statement to The total industrial output, which includes mines and utilities, declined 22% in February after an upwardly revised 11% more than a month earlier. “Given the expected normalization of weather, changes in February are likely to be at least partially reversed in March, and we believe that industrial production over the years Time will continue to increase as the recovery continues, “said Daniel Silver, economist at JPMorgan Chase & CoIn a note, total industrial production reflected a 7.4% increase in utilities, which was the biggest advance since March 2017 and was driven by increased demand for heating.The bitter cold weather also led to power outages in Texas and production disruptions at refineries, while manufacturers continued with Supply bottlenecks and shipping problems are among the tailwinds for manufacturers, lean corporate inventories, steady consumer demand, and solid investments The Fed’s manufacturing output index is 4% below a year ago March data offers a clearer one Overview of American manufacturing progress as other activity metrics were largely positive Institute for Supply Management measure rose to three-year high last month Auto production plunged 83% in February, the biggest decline since April r attributed to both a global semiconductor shortage and the storm, reducing overall production output by about 0.5% Chemical industry production fell 71% last month, due to the shutdown of petrochemical plants along the Gulf Coast, a separate one Trade department report on Tuesday showed retail sales were also impacted by winter weather in February, down 3% from 7 6% profit in January Digging DeeperManufacturing’s capacity utilization declined 23 percentage points to 723%, the lowest since September Total capacity utilization including factories, Mines and utilities fell to a four-month low of 738% Excluding automobiles and parts production, output declined 26% Oil and gas wells rose 64% but remained nearly half of pre-pandemic levels (add graph) Find more articles like this at bloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP.
Canada has challenged two of the main arguments from Huawei CFO Meng Wanzhou in their battle against US The extradition must be dismissed as her claims are unsupported and a question has been resolved, as shown by court documents released Tuesday, 49-year-old Meng was arrested at Vancouver International Airport in December 2018 on a US arrest warrant arrested She is charged with bank fraud for misleading HSBC about Huawei’s business dealings in Iran and inducing the bank to break US Sanctions Meng, who said she was innocent, has since been under house arrest in Vancouver
AstraZeneca has been upgraded to buy from Jefferies and its price target has been raised to 8,850 pence ($ 61) 05 per US.publicly traded share) from 8,250 pence Analysts, led by Peter Welford, said AstraZeneca’s “impressive” sales and earnings performance compared to European pharmaceutical competitors is compelling and that the imminent closing of the Alexion acquisition will more generally recognize the merits of the business Analysts are slightly more optimistic than consensus on oncology growth drivers, Calquence, Imfinzi, Lynparza and Tagrisso. Upcoming Phase III data for its coronavirus vaccine – which “may look relatively unconvincing” – could be a buying opportunity
European stocks opened higher on Tuesday, tracking Wall Street momentum on Monday as concerns over COVID-19 vaccine rollouts persist across the continent
Chinese TikTok owner ByteDance plans to develop semiconductors according to the company’s job postings and a source familiar with the situation, the plan is still in its early stages and the company’s focus is on arm-based server-side chips, said the person told Reuters Beijing-based ByteDance has posted a dozen semiconductor-related job advertisements on its official website, mainly based in Beijing and Shanghai
BMW assumes that at least half of its sales will be emission-free vehicles by 2030, which is a more conservative goal than some competitors in the race for cleaner driving a strong performance in all areas – from MINIS to its upscale brand BMW to first-class Rolls-Royces. Bernstein analyst Arndt Ellinghorst said that BMW has “entered 2021 very confidently” “
(Bloomberg) – Government Aid and Lenders Forbearance Programs Received US According to a new analysis, small businesses haven’t been able to default on their debts en masse as revenues plummeted during the pandemic among small businesses across the country, 183% of business payments were overdue in January, a moderate increase of 177% in February 2020, the Urban said Institutes in a report using Dun & Bradstreet data were slightly harder hit by two large coastal cities, New York and San Francisco, which saw two gains5 and 4, 3 percentage points each Bills to Pay Cash on hand rose up to 41% in late August as the federal paycheck protection program pumped out forgivable loans to keep small businesses alive, according to the JPMorgan Chase Institute, those balances were still up 35% in late September Meanwhile, business owners have cut their expenses, often d By cutting payrolls, and many lenders and landlords have been lenient with rents and other bills, despite the relatively strong credit metrics, the future remains uncertain for a sector that employed nearly half the country’s private workforce, and before the success of Covid-19 a growth engine of the economy has been “Shrinking payrolls, shrinking physical space, and other accommodations are painful for small businesses and can limit their ability to grow,” said the Urban Institute, a nonprofit research group, in its report, “It is too unclear what will happen if creditors stop giving companies flexibility to repay their owed amounts ”For more articles like this, please visit us on BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP.
The Internal Revenue Service failed to raise more than $ 385 billion from taxpayers who were more than 200Earning $ 000 a year – and more than $ 2.4 billion from taxpayers with incomes in excess of $ 1.5 million, according to a new report by a finance watchdog highlighted by Bloomberg News, Bloomberg’s Laura Davison reported, “The auditors could only get about 39% of the more than $ 4 billion in unpaid taxes owed by a group of wealthy taxpayers with an average annual income of nearly $ 1 million, the report found, the results suggest that the IRS is the income of one Taxpayer should be more prominent when deciding whether to pursue an audit case, the inspector general for tax administration said in the report released on Monday… “The results are the latest in a series of government accountability reports that recommended is that the IRS is doing more to help taxpayers High-income pursuit after audit rates plummeted to all-time lows in recent years The lack of exams has led Democrats in Congress to pursue laws that would require higher levels of auditing for businesses and high net worth individuals, the Watchdog report contained seven Recommendations That Could Help the IRS Improve Collection from Wealthy Taxpayers For example, it has been suggested that the agency could use income information to better identify taxpayers who can pay their delinquent taxes, the report found that many high earners are in proportion to the owe little to their income, however, said the IRS does not prioritize income in deciding which cases to prosecute, but rather gives more importance to factors such as the dollar amount of balance owed “It is the IRS belief that it is the Ni Effectively combats compliance by high-income individuals by focusing on the amount owed, “the report said.” As shown later, this assumption is incorrect. IRS management only agreed to two of the seven recommendations, but said it did plan to evaluate his models and consider additional income factors to improve his ability to predict delinquent tax reclaims Do you like what you read? Sign up for our free newsletter
(Bloomberg) – Oil fell to its lowest level in a week after U. Crude oil inventories surpassed half a billion barrels, and the International Energy Agency said global inventories were plentiful. Futures in New York slipped 3% on Wednesday, completing the longest decline in more than six months A US. The government report showed domestic oil stocks rose for a fourth straight week, adding to the bullish sentiment that the IEA said oil markets are not on the verge of a new super cycle of prices and concerns about a supply shortage are wrong, late in the meeting cut prices alongside a weaker dollar, some losses after the Federal Reserve continued to forecast near zero interest rates at least through 2023 and improve its economic outlook. “We’re still working on the effects of the freeze and it’s going to be weird storage in various locations,” said Quinn Kiley, portfolio manager at Tortoise, a company that manages some $ 8 billion worth of energy-related assets. At the same time, “there is OPEC’s overhang of spare capacity” while OPEC production cuts and vaccine breakthroughs have sparked a sharp rally this year But prices have fluctuated in recent weeks as demand continues to be inconsistent and supply risk persists In some regions, including the U, consumption is rising againBut parts of Europe are struggling OPEC and its allies could quickly use their blocked production capacities to quell oil price rallies, the IEA said in a separate report, the agency said that demand will not return to pre-virus levels until 2023, while refinery outages are due last month’s polar explosion and a faster recovery in US. Crude oil production has played a role in securing domestic oil supplies, a decline in foreign demand for US. Crude oil exports have also helped drive inventory gains, meanwhile, crude oil processing at refineries continued to surge over the past week as many of the facilities hit by the freeze came back online, EIA data showed gasoline and distillate inventories also rose last week Recovering Refineries Reach Some of the Best Margins in Years Gasoline Refining Margin, a rough measure of profitability for processing crude oil, has been over $ 20 a barrel since the end of last month, the highest seasonal level since 2015. “We’re sweeping more here or less back to normal, “said Tom Finlon of Brownsville GTR LLC, a Houston-based trading and logistics company.” Gasoline production versus demand and distillate production versus demand should be pretty even going forward “For more articles like this please visit us a uf BloombergcomSubscribe now to stay ahead of the game with the most trusted business news source © 2021 Bloomberg LP.
World News – CA – HAGENS BERMAN, NATIONAL TRIAL LAWYERS, reminds Clover Health Investments (CLOV) investors of securities fraud lawsuits and encourages investors at a loss to contact their attorneys