Source: Hagens Berman Sobol Shapiro LLP
SAN FRANCISCO, Oct. 06, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Health Insurance Innovations, Inc. (NASDAQ:HIIQ) to the recently filed securities class action in the U.S. District Court for the Eastern District of New York, to the expanded class period, and to the November 10, 2017 Lead Plaintiff deadline. If you purchased or otherwise acquired securities of HIIQ during the expanded class period – between March 4, 2016 and September 11, 2017 – and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
On September 11, 2017, SeekingAlpha published a contributor’s report entitled “Health Insurance Innovations: Penalties To Exceed $100 Million And Undisclosed ‘Domino Effect’.”
The author reported, in part, on HIIQ’s efforts in Florida to obtain a Certificate of Authority to act as a Third-Party Administrator and Florida’s Office of Insurance Regulation (“OIR”) June 1, 2017 determination that HIIQ’s application should be denied.
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 HIIQ@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 510-725-3000