NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Health Insurance Innovations, Inc. (NASDAQ:HIIQ) securities between August 2, 2017 and September 11, 2017 (the “Class Period”). Investors have until November 10, 2017 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On September 11, 2017, Seeking Alpha published an article asserting that, in June 2017, (1) HIIQ was rejected for a key insurance license in its home state of Florida because a regulator uncovered undisclosed legal actions against HIIQ insiders, and (2) HIIQ privately warned of a disastrous “domino effect” spreading to other states, which could cause additional loss of licenses. Following this news, shares of HIIQ fell $6.55 per share, or 21.9%, to close at $23.35 per share.
The complaint alleges that 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.
If you purchased or otherwise acquired HIIQ securities during the Class Period and suffered a loss or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Health Insurance Innovations lawsuit, please go to http://www.bespc.com/HIIQ. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.