ON Semiconductor Corp
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Information Technology : Semiconductors & Semiconductor Equipment | Mid Cap Blend
Company profile

ON Semiconductor Corporation offers a portfolio of sensors, power management, connectivity, custom and system on chip (SoC), analog, logic, timing, and discrete devices. The Company's segments include Power Solutions Group, Analog Solutions Group and Image Sensor Group. The Power Solutions Group offers a range of discrete, module and integrated semiconductor products. The Analog Solutions Group designs and develops analog, mixed-signal and logic application specific integrated circuits (ASICs) and application specific standard products (ASSPs), and power solutions. The Image Sensor Group designs and develops complementary metal oxide semiconductor (CMOS) and charge-coupled device (CCD) image sensors, as well as proximity sensors, image signal processors, and actuator drivers for autofocus and image stabilization for various end users in the automotive, industrial, consumer, wireless, medical, and aerospace/defense markets.

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CLOV DEADLINE TOMORROW: Hagens Berman, National Trial Attorneys, Alerts Clover Health Investments (CLOV) Investors to April 6th Application Deadline in Securities Class Action, Encourages Investors with Losses to Contact the Firm

1:01 pm ET April 5, 2021 (Accesswire) Print

SAN FRANCISCO, CA / ACCESSWIRE / April 5, 2021 / Hagens Berman encourages Clover Health Investments, Corp. (NASDAQ:CLOV) investors to submit their losses now. A securities fraud class action has been filed and certain investors may have valuable claims.

Class Period: Oct. 6, 2020 - Feb. 4, 2021Lead Plaintiff Deadline: Apr. 6, 2021Visit: www.hbsslaw.com/cases/CLOVContact An Attorney Now: CLOV@hbsslaw.com844-916-0895

Clover Health Investments, Corp. (CLOV) Securities Class Action:

The Complaint alleges that, throughout the Class Period, Defendants misrepresented and concealed that: (1) Clover's Clover Assistant platform was under investigation by the Department of Justice for at least 12 issues ranging from kickbacks to marketing practices to undisclosed third-party deals; (2) the DOJ's investigation presented an existential risk to Clover because it derives most of its revenues from Medicare; and (3) Clover's sales were driven by a major undisclosed related party deal and misleading marketing targeting the elderly, not its purported "best-in-class" technology.

Investors allegedly began to learn the truth on Feb. 4, 2021 when Hindenburg Research released a scathing report about the company, alleging Clover's sales are the product of misleading marketing activities targeting the elderly and a major undisclosed related party deal.

Hindenburg claimed that Clover concealed that the DOJ is actively investigating the company for illegal kickbacks and deceptive marketing practices. Hindenburg alleged that the company uses a subsidiary, Seek Insurance Services, to misleadingly steer seniors toward acquiring Clover plans. Citing accounts from former employees, Hindenburg further stated "that much of Clover's sales are fueled by a major undisclosed relationship between Clover and [B&H Assurance,] an outside brokerage firm controlled by Clover's Head of Sales (Hiram Bermudez)."

The next day, Clover admitted it was fully aware of the DOJ inquiry and Bermudez's ownership in B&H Assurance. The company also revealed that it received a letter from the SEC following Hindenburg's report.

On this news, the price of Clover shares sharply declined.

"We're focused on investor losses and whether Clover may have misled investors about the legality of its business practices and related financial reporting," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Clover shares, click here to discuss your legal rights with Hagens Berman.

Whistleblowers: Persons with non-public information regarding Clover should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30% of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CLOV@hbsslaw.com.

# # #

About Hagens Berman

Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.


Reed Kathrein, 844-916-0895

SOURCE: Hagens Berman Sobol Shapiro LLP

View source version on accesswire.com: https://www.accesswire.com/638918/CLOV-DEADLINE-TOMORROW-Hagens-Berman-National-Trial-Attorneys-Alerts-Clover-Health-Investments-CLOV-Investors-to-April-6th-Application-Deadline-in-Securities-Class-Action-Encourages-Investors-with-Losses-to-Contact-the-Firm

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