Social Capital Hedosophia Holdings Corp. III & Hennessy Capital Acquisition Corp. IV - Kehoe Law Firm, P.C. Breach Of Fiduciary Duties Investigations – IPOC, HCAC

PHILADELPHIA, July 21, 2021 (GLOBE NEWSWIRE) -- Kehoe Law Firm, P.C. is investigating whether certain directors and/or officers of the following Special Purpose Acquisition Companies (“SPAC”) breached their fiduciary duties to the SPAC or its shareholders:

Social Capital Hedosophia Holdings Corp. III (NYSE: IPOC), now known as Clover Health Investments, Corp. (“Clover Health”) (NASDAQ: CLOV)

The investigation concerns whether Social Capital Hedosophia Holdings Corp. III (“Social Capital Hedosophia III”) board of directors or senior management failed to manage Social Capital Hedosophia III in an acceptable manner, in breach of their fiduciary duties to its shareholders, and whether Social Capital Hedosophia III’s shareholders suffered damages as a result.

On October 5, 2020, Social Capital Hedosophia III executed a merger agreement with the predecessor to Clover Health, with a November 17, 2020 record date for the shareholder vote. On January 7, 2021, Social Capital Hedosophia III closed the merger transaction, with Clover Health continuing as the successor entity. On February 4, 2021, Hindenburg Research issued a report claiming that Clover Health was misleadingly hiding governmental investigations from the public.

Hennessy Capital Acquisition Corp. IV (“Hennessy Capital IV”) (NASDAQ: HCAC), now known as Canoo Inc. (“Canoo”) (NASDAQ: GOEV)

The investigation concerns whether Hennessy Capital IV’s board of directors or senior management failed to manage Hennessy Capital IV in an acceptable manner, in breach of their fiduciary duties to Hennessy Capital IV’s shareholders, and whether Hennessy Capital IV’s shareholders suffered damages as a result.

On August 17, 2020, Hennessy Capital IV executed a merger agreement with the predecessor to Canoo, with an October 27, 2020 record date for the shareholder vote. On December 21, 2020, the merger transaction closed, with Canoo continuing as the successor entity. On May 17, 2021, Canoo said it is being investigated by the SEC, possibly related to the SEC’s interest in determining how warrants are treated.

IF YOU WERE EITHER A SHAREHOLDER OF SOCIAL CAPITAL HEDOSOPHIA HOLDINGS CORP. III OR HENNESSY CAPITAL ACQUISITION CORP. IV AND WISH TO DISCUSS KEHOE LAW FIRM’S INVESTIGATIONS OR HAVE QUESTIONS ABOUT YOUR POTENTIAL LEGAL RIGHTS, PLEASE CONTACT MICHAEL YARNOFF, ESQ., (215) 792-6676, EXT. 804, MYARNOFF@KEHOELAWFIRM.COM, INFO@KEHOELAWFIRM.COM, TO LEARN MORE ABOUT THE INVESTIGATIONS OR POTENTIAL LEGAL CLAIMS.

Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.

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