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Brief-seller Hindenburg takes intention at Palihapitiya-backed Clover Well being By Reuters


© Reuters.

(Reuters) – Well-known short-selling specialist Hindenburg Research released a critical report Thursday on Chamath Palihapitiya-backed insurance company Clover Health, in which the company’s shares fell 5.4%.

Venture capital investor Palihapitiya, which held a 27% stake in Clover Health on Jan. 7, was one of the big financial names backing GameStop’s (NYSE 🙂 buying frenzy against institutional short sellers last week, saying at the start of the battle, that he had shopped at the video game dealer.

The report, which Clover Health called a “broken deal,” could re-open the battle between hedge fund shortsellers and investors for a number of US companies.

Clover Health did not immediately respond to a Reuters request for comment.

Hindenburg said in the report that it has no investment position in Clover Health.

Citron, another famous short sale research firm in the financial world, said last week it would stop publishing reports recommending shorts.

Clover, who sells Medicare-backed insurance plans, went public in a $ 3.7 billion deal with a Palihapitiya-backed special purpose vehicle (SPAC). Other investors included Alphabet (NASDAQ 🙂 Inc and Sequoia Capital.

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