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IMPORTANT HEALTH INSURANCE INNOVATIONS, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of…

Lead Plaintiff Deadline is November 13, 2017

NEW YORK, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of purchasers of the securities of Health Insurance Innovations, Inc. (NASDAQ:HIIQ) (the “Company”) from August 2, 2017 through September 11, 2017, both dates inclusive (the “Class Period”).

Investors who have incurred losses in Health Insurance Innovations, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have purchased shares of Health Insurance Innovations, Inc. and would like to assist with the litigation process as a lead plaintiff, you may, no later than November 13, 2017, request that the Court appoint you lead plaintiff of the proposed class.

/EIN News/ -- According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Health Insurance Innovations’ 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;
     
  • the Florida Office of Insurance Regulation’s rejection of Health Insurance Innovations’ application for a third-party insurance administrators license could result in its losing licenses in the other states; and
     
  • as a result, Health Insurance Innovations’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On September 11, 2017, an article was published on SeekingAlpha.com alleging that in June 2017 one of Health Insurance Innovations' key license applications was rejected after regulators uncovered undisclosed legal actions against Company insiders; and that the Company privately warned a Florida regulator that a rejection of its license application could create a "domino effect" whereby licensing denials would spread to the other states. 

On this news, Health Insurance Innovations' share price fell $6.55, or 21.91%, to close at $23.35 on September 11, 2017. The stock continued to plummet on September 12th, trading as low as $18.70 per share intraday, an additional decline of 20%.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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