The phrase often implies wrongdoing and can suggest a moral judgement. The company's attempt to cover up the incident harmed their reputation.
Pro Tip 2/3
Not Always Successful
Using 'cover up' suggests that the truth might eventually be uncovered, despite efforts to hide it. Those involved tried to cover up the fraud, but the truth came out during the investigation.
Pro Tip 3/3
Dishonesty Implied
Conveys an attempt to deceive others or withhold the truth. He made up an alibi to cover up his whereabouts.