OAKLAND, Calif.--(BUSINESS WIRE)--Girard Gibbs LLP is investigating potential claims against Health Insurance Innovations (NASDAQ: HIIQ) involving possible securities law violations. A class action lawsuit was filed on September 11, 2017 on behalf of investors who purchased shares of HIIQ between August 2, 2017 and September 11, 2017.
To speak with a securities attorney about your legal rights in the Health Insurance Innovations class action lawsuit investigation, click here.
On September 11, 2017, Seeking Alpha published an article charging that Health Insurance Innovations was rejected for a key insurance license in Florida because a regulator uncovered undisclosed legal actions against HIIQ insiders. The article also alleged that HIIQ privately warned the Florida regulator of a potentially disastrous “domino effect” spreading to other states, which could cause additional licensure losses. Following this news, shares of HIIQ fell $6.55 per share, or 21.9%, to close at $23.35 per share, causing significant harm to HIIQ investors.
The class action 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 administrator’s (TPA) 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 administrator’s 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 Health Insurance Innovations shares and would like to speak privately with a securities attorney to contribute to or learn more about the investigation, visit our website or contact the securities team directly at (800) 254-9493.
Girard Gibbs LLP is one of the nation’s leading firms representing individual and institutional investors in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and has earned Tier-1 rankings and been named in the U.S. Lawyers – Best Law Firms list for five consecutive years.
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