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SAN FRANCISCO, Oct. 20, 2017 -- Hagens Berman Sobol Shapiro LLP reminds investors in Health Insurance Innovations, Inc. (NASDAQ:HIIQ) of the November 10, 2017 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Eastern District of New York. If you purchased or otherwise acquired securities of HIIQ between March 4, 2016 and September 11, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/HIIQ
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On September 11, 2017, Seeking Alpha published a contributor’s report entitled “Health Insurance Innovations: Penalties To Exceed $100 Million And Undisclosed ‘Domino Effect’.”
The author reported that on June 1, 2017, Florida’s Office of Insurance Regulation (“OIR”) rejected HIIQ’s efforts in Florida to obtain a Certificate of Authority to act as a Third-Party Administrator. The author also quoted from the Company’s petition to contest the OIR’s decision: “The application denial would trigger a duty to report (and thus raise the specter of additional renewal denials) in […] every state in which [HIIQ] would seek to pursue any form of insurance-related licensure in the future (thus raising the specter of a domino effect of denials that would have to be reported)” and “to say that the interests of [HIIQ] as an entity would be substantially affected is a radical understatement.”
This news drove the price of HIIQ shares down $6.55 to close at $23.75 on September 11, 2017 – a loss of nearly 22%.
“We’re focused on the Company’s apparent omissions related to its back and forth with the OIR and the relative importance of licensure in Florida to HIIQ’s business as a whole,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding HIIQ should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email [email protected].
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 11 offices across the country. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
