SHAREHOLDER ALERT: Girard Gibbs LLP Announces Lawsuit Filed on Behalf of Investors of Health Insurance Innovations
September 12 2017 - 6:24PM
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.
This press release may constitute Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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Girard Gibbs LLPEileen Epstein,
510-350-9728eje@classlawgroup.com
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