This lawsuit is for anyone who acquired securities in Health Insurance Innovations, Inc. (NASDAQ: HIIQ) from March 4, 2016 through September 11, 2017.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company failed to disclose that lawsuits filed against Company insiders for breaching their fiduciary duties to the Company threatened the Company's ability to receive regulatory approval to sell insurance.
On September 11, 2017, SeekingAlpha.com published an article alleging, among other things, that the Company hid from Florida regulators lawsuits against Company insiders, that when the regulators found out about the lawsuits the regulators rejected one of the Company’s key license applications, and that, when the regulators found out about the lawsuits, in an effort to avoid rejection, the Company disclosed to the regulators that it was concerned that rejection could create a “domino effect” whereby licensing denials would spread to other states. By admitting to Florida regulators that it was privately concerned with the affect the lawsuits would have on licensing, the Company was also admitting its failure to disclose that material information to investors. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Health Insurance Innovations, Inc. (NASDAQ: HIIQ) from March 4, 2016 through September 11, 2017 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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If Representing an Institution, Name of Institution:
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.