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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Clover Health Investments, bluebird bio, EHang, and fuboTV and Encourages Investors to Contact the Firm

NEW YORK, March 03, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Clover Health Investments Corp. (NASDAQ: CLOV, CLOVW), bluebird bio, Inc. (NASDAQ: BLUE), EHang Holdings Limited (NASDAQ: EH), and fuboTV, Inc. (NYSE: FUBO). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Clover Health Investments Corp. (NASDAQ: CLOV, CLOVW)

Class Period: Securities purchased between October 6, 2020 to February 4, 2021 and/or pursuant or traceable to the Company’s registration statement and prospectus issued in connection with the December 2020 Merger.

Lead Plaintiff Deadline: April 6, 2021

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Clover Health provides healthcare insurance services and purports to use proprietary technology to collect, structure, and analyze health and behavioral data.

On January 7, 2021, Clover merged with SPAC Social Capital Hedosophia Holdings Corp. III and Clover’s common shares began trading on the NASDAQ under the ticker symbol “CLOV,” closing at $15.90 per share, and on January 11, Clover’s redeemable warrants began trading on the NASDAQ under the ticker symbol “CLOVW,” closing at $3.36 per warrant.

On February 4, 2021, Hindenburg Research issued a report stating that prior to the merger, Clover has been under active investigation by the U.S. Department of Justice for issues ranging from kickbacks to marketing practices to undisclosed third-party deals. Clover did not reveal that it was under active investigation by the DOJ.

On this news, shares of Clover common shares (CLOV) plummeted from their February 3, 2021 closing price of $13.95 per share to close at $12.23 per share on February 4, 2021, and Clover warrants (CLOVW) fell $0.18 per warrant, to close at $3.39 per warrant on February 4, 2021.

The complaint, filed on February 5, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Clover was the recipient of a Civil Investigative Demand from the DOJ; (ii) much of Clover’s sales are driven by a major related party deal that Clover not only failed to disclose but took active steps to conceal; (iii) Clover’s subsidiary Seek Insurance failed to disclose its relationship with Clover and misled consumers as to its purported independence; (iv) Clover’s software was in fact rudimentary; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Clover Health class action go to: https://bespc.com/cases/clover

bluebird bio, Inc. (NASDAQ: BLUE)

Class Period: May 11, 2020 and November 4, 2020

Lead Plaintiff Deadline: April 13, 2021

Bluebird is a biotechnology company that engages in researching, developing, and commercializing transformative gene therapies for severe genetic diseases and cancer. The Company’s gene therapy programs include, among others, LentiGlobin (bb1111) for the treatment of sickle cell disease (“SCD”).

In May 2020, in the midst of the COVID-19 pandemic, bluebird announced that the Company expected to submit a U.S. Biologics Licensing Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for LentiGlobin for SCD in the second half of 2021.

On November 4, 2020, bluebird disclosed that it would no longer apply for FDA approval of its LentiGlobin product as a treatment for SCD in the second half of 2021 as expected. Instead, citing “feedback” from the FDA requiring the Company to provide additional data “to demonstrate drug product comparability” for LentiGlobin for SCD, “alongside COVID-19 related shifts and contract manufacturing organization COVID-19 impacts,” bluebird adjusted its submission timing to late 2022.

On this news, bluebird’s stock price fell $9.72 per share, or 16.6%, to close at $48.83 per share on November 5, 2020.

The complaint, filed on February 12, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) data supporting bluebird’s BLA submission for LentiGlobin for SCD was insufficient to demonstrate drug product comparability; (ii) defendants downplayed the foreseeable impact of disruptions related to the COVID-19 pandemic on the Company’s BLA submission schedule for LentiGlobin for SCD, particularly with respect to manufacturing; (iii) as a result of all the foregoing, it was foreseeable that the Company would not submit the BLA for LentiGlobin for SCD in the second half of 2021; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the bluebird bio class action go to: https://bespc.com/cases/Blue

Ehang Holdings Limited (NASDAQ: EH)

Class Period: December 12, 2019 to February 16, 2021

Lead Plaintiff Deadline: April 19, 2021

On February 16, 2021, analyst Wolfpack Research published a scathing report entitled “EHang: A Stock Promotion Destined to Crash and Burn.” In this report, Wolfpack Research wrote that EHang is “an elaborate stock promotion, built on largely fabricated revenues based on sham sales contracts with a customer [Shanghai Kunxiang Intelligent Technology Co., Ltd. (“Kunxiang”)] who appears to us to be more interested in helping inflate the value of its investment in EH . . . than about buying its products.” Wolfpack Research wrote that it had “gathered extensive evidence” to support its report, “including behind-the-scenes photographs, recorded phone calls, and videos of on-site visits to EH’s various facilities . . . .” Wolfpack Research also noted that “in just 14 months as a publicly traded company, EH’s PR team has put out 50 press releases . . . . However, EH’s constant stream of press releases are easily proven untrue.” Finally, Wolfpack Research wrote that it “obtained Chinese court records which show that EH’s ADRs may already be in serious jeopardy due to legal issues in China.”

On this news, the price of EHang’s ADS fell from its February 12, 2021 close of $124.09 to a February 16, 2021 close of $46.30 per share, a one day drop of $77.79 per share or approximately 62.7%.

The complaint, filed on February 17, 2021, alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s purported regulatory approvals in Europe and North American for its EH216 were for use as a drone, and not for carrying passengers; (ii) its relationship with its purported primary customer is a sham; (iii) EHang has only collected on a fraction of its reported sales since its ADS began trading on NASDAQ in December 2019; (iv) the Company’s manufacturing facilities were practically empty and lacked evidence of advanced manufacturing equipment or employees; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.

For more information on the Ehang class action go to: https://bespc.com/cases/EH

fuboTV, Inc. (NYSE: FUBO)

Class Period: March 23, 2020 to January 4, 2021

Lead Plaintiff Deadline: April 19, 2021

The complaint, filed on February 17, 2021, alleges that during the Class Period defendants disseminated false and misleading statements that misrepresented Fubo’s financial health and its operating condition. These misleading statements included representations relating to a variety of Fubo’s business operations and performance metrics, including, among others, Fubo’s ability to grow subscription levels and future profitability, seasonality factors, cost escalations and potentially shrinking addressable market, ability to attract and generate advertising revenue, the Company’s valuation, and its prospects of entering the arena of online sports wagering.

Investors learned the truth gradually through a series of research reports beginning on December 23, 2020. Those reports revealed, among others things, that (i) Fubo’s growth in subscriber and profitability was unsustainable past the one-time seasonal surge; (ii) Fubo’s offering of products would be subject to cost escalation; (iii) Fubo could not successfully compete and perform as sports book operator and could not capitalize on its online sports wagering opportunity; (iv) Fubo’s data and inventory was not differentiated to allow Fubo to achieve its long-term advertising growth goals; (v) Fubo’s valuation was overstated in light of its total revenue and subscription levels; and (vi) the acquisition of Balto Sports did not provide the stated synergies and internal expertise, and did not expand the Company’s addressable market into sports wagering.

Upon the publication of the research reports, the price of Fubo securities declined 54% from a close of $52.59 on December 23, 2020 to a close of $24.24 on January 4, 2021.

For more information on the fuboTV class action go to: https://bespc.com/cases/FUBO

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com