NEW YORK, Oct. 4, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Health Insurance Innovations, Inc. ("Health Insurance Innovations" or the "Company") (NASDAQ: HIIQ) of the November 10, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Health Insurance Innovations common stock between March 4, 2016 and September 11, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/HIIQ. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
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The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased Health Insurance Innovations securities between March 4, 2016 and September 11, 2017 (the "Class Period"). The case, Kavra v. Health Insurance Innovations, Inc. et al., No. 8:17-cv-02186 was filed on September 21, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) the Company had unsuccessfully applied for its third party administrators licensure ("TPA Application") with the Florida Office of Insurance Regulation ("FLOIR"); (2) the Company intentionally omitted material information and disregarded certain instructions while completing the TPA Application; (3) the Company's TPA Application had been denied, adversely affecting existing other licenses and future applications; and (4) the aforementioned denial was substantially harming the Company's ability to conduct its core business.
Specifically, on September 11, 2017, a research report published a link to a letter from the FLOIR, which revealed that in June 2017 the Company's application for a key insurance license in its home state of Florida was rejected. According to the letter, the denial of the license was due, in part, to the Company's application containing numerous material errors and omissions. Then, in an appeal to challenge the application's denial dated June 16, 2017, the Company revealed that the denial might adversely affect the Company's existing licenses, which would hamper or substantially harm its core business.
Following this news, Health Insurance Innovations' share price fell from $29.90 per share on September 8, 2017 to a closing price of $23.35 on September 11, 2017—a $6.55 or a 21.91% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Health Insurance Innovations' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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