Shareholder Alert: Robbins LLP Reminds Investors Health Insurance Innovations, Inc. (HIIQ) Sued for Misleading Shareholders
10 Gennaio 2020 - 4:47AM
Business Wire
Shareholder rights law firm Robbins LLP reminds investors that a
purchaser of Health Insurance Innovations, Inc. (NASDAQ: HIIQ)
filed a derivative complaint against the company's officers and
directors for alleged breaches of fiduciary duties and gross
mismanagement. Health Insurance Innovations, Inc. operates a
cloud-based technology platform and is a distributor of individual
and family health insurance plans.
If you suffered a loss as a result of HIIQ's misconduct, click
here.
Health Insurance Innovations, Inc. (HIIQ) Accused of
Misleading Investors
According to the complaint, HIIQ filed its Florida third-party
administrator ("TPA") application in July 2016, which HIIQ needed
to operate its core business. While HIIQ was in its application
process, the company was under investigation for allegedly
fraudulent business practices in 42 states. HIIQ's Florida TPA
application was denied in June 2017, due to material errors and
omissions, including the omission that two of its officers had been
named in lawsuits "involving dishonesty, breach of trust or a
financial dispute." HIIQ concealed the denial until it filed its
August 4, 2017 Form 10-Q, which failed to disclose the necessity of
obtaining a TPA license and deliberately understated the
potentially devastating consequences the denial would have on
company operations. Then, in September 2017, Seeking Alpha released
an article revealing the disastrous "domino effect" the TPA denial
caused, including loss of additional licenses. On this news, the
share price declined by 37%, closing at $19.75, and has yet to
recover.
Health Insurance Innovations, Inc. (HIIQ) Shareholders Have
Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200109005892/en/
Leonid Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA
92122 LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800)
350-6003 www.robbinsllp.com
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