Cohen Milstein Sellers & Toll PLLC Announces Investigation of Health Insurance Innovations, Inc.
Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Health Insurance Innovations, Inc. (“HIIQ” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Class action lawsuits have been filed in the U.S. District Courts for the Eastern District of New York, the Southern District of New York and the Middle District of Florida by other law firms on behalf of purchasers of the common stock of Health Insurance Innovations, Inc. (NASDAQ: HIIQ) between March 4, 2016 and September 11, 2017, inclusive (the “Class Period”).
The complaint focuses on the alleged misrepresentations and omissions by HIIQ and certain of its officers and directors (“Defendants”) concerning the Florida’s Office of Insurance Regulators (“OIR”) rejection of the Company’s application for a third-party insurance administrator’s (“TPA”) license, and the adverse effect the OIR’s denial of the license could have on the Company’s business. Plaintiffs allege that Defendants misrepresented and/or failed to disclose that: (1) HIIQ’s application for a TPA license in Florida was rejected due to the OIR’s discovery of undisclosed legal actions against Company insiders; (2) HIIQ warned the OIR of the anticipated “domino effect” that the rejection was likely to cause, by which the Company would subsequently lose licenses in additional states; and (3) as a result of the foregoing, the Company’s public statements were materially false and misleading.
On September 11, 2017, a report was published revealing details concerning the deficiencies in the Company’s application for a TPA license in Florida, including its refusal and/or failure to provide the OIR with information concerning legal proceedings against certain HIIQ insiders and the Company’s assertion of the substantial harm a license denial would cause to its business. The report also claimed that HIIQ’s potential exposure from multistate investigations into its market conduct (which were disclosed in the Company’s SEC filings) could reach $100 million or more. The price of HIIQ shares fell from $29.90 to $23.35 on September 11.
Cohen Milstein encourages all investors who purchased HIIQ common stock between March 4, 2016 and September 11, 2017, or former employees with information concerning this matter to contact the firm.
If you are a Health Insurance Innovations, Inc. shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at firstname.lastname@example.org. If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2017 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total billions of dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org