Health Insurance Innovations, Inc. Securities Litigation
On or around 06/22/2020 (Date of stipulation and/or agreement of settlement)
Filing Date: September 11, 2017
According to the law firm's press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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 (3) 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 December 4, 2017, this case was transferred to the Middle District of Florida. On December 28, the Court issued an Order consolidating cases. The Consolidated Cases shall be identified as: "In re Health Insurance Innovations Securities Litigation."
On February 6, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on March 23. Defendants filed a Motion to Dismiss the consolidated Complaint on May 7. The Court issued an Order referring the case to mediation on March 29, 2019. On May 23, the Court ordered the case reopened after an unsuccessful mediation conference. On June 28, the Court issued an Order granting in part and denying in part Defendants Motion to Dismiss the consolidated Complaint.
On May 11, 2020, the parties notified the Court that they had reached an agreement-in-principle to settle the case. The parties entered into a Stipulation of Settlement on June 22.
Company & Securities Information
Defendant: Health Insurance Innovations, Inc.
Industry: Insurance (Accident & Health)
Headquarters: United States
Ticker Symbol: HIIQ
Company Market: NASDAQ
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Cioe Investments Inc., et al. v. Health Insurance Innovations, Inc., et al.