According to the Complaint, Health Insurance Innovations, Inc. ("HIIQ" or the "Company") purports to distribute individual and family health insurance plans, including short-term medical insurance plans, and guaranteed-issue and underwritten health benefit insurance plans. Health Plan Intermediaries Holdings, LLC (“HPIH”) is one of the
Company’s subsidiaries.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges that Defendants failed to disclose to investors: (1) that a substantial portion of the Company’s revenues were derived from third parties; (2) that these third parties used deceptive tactics to sell the Company’s policies, including overstating the policy’s coverage and/or selling under the licenses of employees who had no involvement in the underlying sales; (3) that regulatory scrutiny of these third parties would materially impact the Company’s operations; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On May 13, 2019, the Court issued an Order appointing Lead Plaintiffs and Counsel. Lead Plaintiff filed a consolidated Complaint on July 19. Defendants filed a Motion to Dismiss the consolidated Complaint on August 28. On November 4, the Court issued an Order denying Defendants' Motion to Dismiss.

Plaintiffs filed a Motion for Class Certification on May 21, 2020. On August 28, the Court issued an Order granting Plaintiff's Motion for Class Certification. The parties entered into a Stipulation and Agreement of Settlement on December 2. On December 3, the Court granted preliminary approval of the Settlement. On March 23, 2021, the Court granted final approval of the Settlement and entered Final Judgment. On March 23, 2022, the Court issued an Order approving distribution of the net Settlement fund.

On August 28, 2023, the Court issued an Order directing cy pres distribution of the residual Settlement funds.