Health Insurance Innovations, Inc. investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, HII operates as a developer, distributor, and administrator of cloud-based individual health and family insurance plans, and supplemental products in the United States.
The Class Period commences on March 4, 2016. On March 3. 2016, after the market closed, the company issued a press release announcing the company’s financial and operating results for the fourth quarter and fiscal year ended December 31, 2015.
The complaint alleges that, on September 11, 2017, HII disclosed that the company’s application for a third-party insurance administrators license with the Florida Office of Insurance Regulation was denied due partly to material errors and omissions, and that the Florida Office of Insurance Regulation’s rejection of its application for a third-party insurance administrators license could result in its losing licenses in the other states.
Following this news, the company’s share price fell $6.55 per share, from a closing price of $29.90 per share on September 8, 2017 to a close of $23.35 per share on September 11, 2017, a drop of approximately 21.91%.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) HII’s application for a third-party insurance administrators license with the Florida Office of Insurance Regulation was denied due in part to material errors and omissions; (2) the Florida Office of Insurance Regulation’s rejection of HII’s application for a third-party insurance administrators license could result in its losing licenses in the other states; and (3) as a result, HII’s public statements were materially false and misleading at all relevant times.
If you are a member of the class described above, you may no later than November 10, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
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