Health Insurance Innovations (NASDAQ: HIIQ)
Kehoe Law Firm’s securities fraud attorneys are investigating potential claims on behalf of investors of Health Insurance Innovations (NASDAQ: HIIQ) involving possible securities law violations. A class action lawsuit was filed on September 11, 2017 on behalf of investors who purchased shares of HIIQ between August 2, 2017 and September 11, 2017.
HIIQ Share Price Falls 21.9%
On September 11, 2017, Seeking Alpha published an article charging that Health Insurance Innovations was rejected for a key insurance license in Florida because a regulator uncovered undisclosed legal actions against HIIQ insiders. The article also alleged that HIIQ privately warned the Florida regulator of a potentially disastrous “domino effect” spreading to other states, which could cause additional licensure losses. Following this news, shares of HIIQ fell $6.55 per share, or 21.9%, to close at $23.35 per share, causing significant harm to HIIQ investors.
The complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- HIIQ’s application for a third-party insurance administrator’s 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 HIIQ’s application for a third-party insurance administrator’s license could result in its losing licenses in the other states
- as a result, HIIQ’s public statements were materially false and misleading at all relevant times
Health Insurance Innovations Stock Losses?
If you purchased or otherwise acquired shares of Health Insurance Innovations and would like to speak privately with a securities attorney to learn more about the investigation and your potential legal rights, please fill out the form to the right or contact John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; or send an e-mail to [email protected].
Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches. Together, the partners of Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.