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December 3, 2020 - The court preliminarily approved the settlement.
December 2, 2020 - A stipulation and agreement of settlement was entered by the parties.
August 28, 2020 - The court granted the motion for class certification.
May 21, 2020 - A motion for class certification was filed.
November 4, 2019 - The court denied the defendants' motion to dismiss.
August 28, 2019 - A motion to dismiss the consolidated complaint was filed.
July 16, 2019 - A consolidated complaint was filed.
February 18, 2019 - An investor in shares of Health Insurance Innovations, Inc. (NASDAQ: HIIQ) filed a lawsuit in the U.S. District Court for the Middle District of Florida over alleged violations of Federal Securities Laws by Health Insurance Innovations, Inc in connection with certain allegedly false and misleading statements made between February 28, 2018 and November 27, 2018.
Tampa, FL based Health Insurance Innovations, Inc. operates as a cloud-based technology platform and distributor of individual and family health insurance plans, and supplemental products in the United States.
Health Insurance Innovations, Inc. reported that its annual Total Revenue rose from $184.51 million in 2016 to $250.47 million in 2017 and that its Net Income increased from $4.51 million in 2016 to $17.88 million in 2017. Shares of Health Insurance Innovations, Inc. (NASDAQ: HIIQ) reached as high as $62.90 per share on September 28, 2018.
On November 27, 2018, a report was published stating, among other things, that [p]reviously sealed documents gathered by the FTC directly undermine management's claims and prove that a large boiler room operation recently shuttered by the government for a massive alleged fraud was responsible for roughly half of HIIQ's sales. Evidence also suggests that HIIQ policies have been contaminated by insurance fraud and reveal that other HIIQ brokers prey on consumers with falsehoods. Shares of Health Insurance Innovations, Inc. (NASDAQ: HIIQ) declined to as low as $23.90 per share on December 24, 2018. According to the complaint the plaintiff alleges on behalf of purchasers of Health Insurance Innovations, Inc. (NASDAQ: HIIQ) common shares between February 28, 2018 and November 27, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2018 and November 27, 2018, the Defendants failed to disclose to investors that a substantial portion of the Company’s revenues were derived from third parties, 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, that regulatory scrutiny of these third parties would materially impact the Company’s operations, and 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.