NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Health Insurance Innovations, Inc. (“Health Insurance Innovations” or the “Company”) (NASDAQ:HIIQ) of the November 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Health Insurance Innovations stock or options between August 2, 2017 and September 11, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/HIIQ. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Health Insurance Innovations securities between August 2, 2017 and September 11, 2017 (the “Class Period”). The case, Cioe Investments Inc. v. Health Insurance Innovations, Inc. et al., No. 1:17-cv-05316 was filed on September 11, 2017.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws.
Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s application for a third-party insurance administrators license with the Florida Office of Insurance Regulation was denied due in part to material errors and omissions; (2) the Florida Office of Insurance Regulation’s rejection of the Company’s application for a third-party insurance administrators license could result in its losing licenses in the other states; and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Specifically, on September 11, 2017, SeekingAlpha.com published an article asserting that in June 2017, the Company was rejected for a key insurance license in its home state of Florida, as the regulator uncovered undisclosed legal actions against Health Insurance Innovations insiders; and that the Company warned the Florida regulator of the disastrous “domino effect” from this rejection by which licensing denials will then spread to the other states in which Health Insurance Innovations does business.
On this news, Health Insurance Innovations’ share price fell from $30.10 per share on September 8, 2017 to a closing price of $23.35 on September 11, 2017—a $6.55 or a 22.43% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Health Insurance Innovations’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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