In short, Clover Health is going public via a SPAC, but never disclosed it was under investigation by the DOJ.
> Clover said it decided it did not need to disclose the DOJ inquiries after consultation with its lawyers. The company did not say what the DOJ’s inquiries were about.
SPACs short-cut disclosure requirements, making it easier for companies to go public without the typical scrutiny that comes with the IPO process.
https://www.cnbc.com/2021/02/05/chamath-palihapitiya-backed-...
In short, Clover Health is going public via a SPAC, but never disclosed it was under investigation by the DOJ.
> Clover said it decided it did not need to disclose the DOJ inquiries after consultation with its lawyers. The company did not say what the DOJ’s inquiries were about.
SPACs short-cut disclosure requirements, making it easier for companies to go public without the typical scrutiny that comes with the IPO process.