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November 19, 2020 - The court preliminarily approved the settlement.
June 22, 2020 - The court granted in part and denied in part the defendants' motion to dismiss.
June 28, 2019 - The court granted in part and denied in part the defendants' motion to dismiss.
May 7, 2018 - A motion to dismiss the consolidated complaint was filed.
March 23, 2018 - A consolidated complaint was filed.
December 4, 2017 - The case was transferred to the U.S. District Court for the Middle District of Florida.
September 11, 2017 - An investor in shares of Health Insurance Innovations Inc (NASDAQ: HIIQ) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Health Insurance Innovations Inc in connection with certain allegedly false and misleading statements made between August 2, 2017 and September 11, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Health Insurance Innovations Inc (NASDAQ: HIIQ) common shares between August 2, 2017 and September 11, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 2, 2017 and September 11, 2017, the defendants throughout made false and/or misleading statements and/or failed to disclose that Health Insurance Innovations Inc’s 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, that the Florida Office of Insurance Regulation’s rejection of Health Insurance Innovations Inc’s application for a third-party insurance administrators license could result in its losing licenses in the other states, and that as a result, Health Insurance Innovations Inc’s 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.
Tampa, FL based Health Insurance Innovations Inc is a developer, distributor and cloud-based administrator of individual and family health insurance plans (IFPs) and supplemental products, which include short-term medical (STM) insurance plans, and guaranteed-issue and underwritten hospital indemnity plans.
Health Insurance Innovations Inc reported that its annual Total Revenue rose from $104.7 million in 2015 to $184.52 million in 2016 and that its Net Income increased from $0.60 million in 2015 to $4.51 million in 2016. Shares of Health Insurance Innovations Inc (NASDAQ: HIIQ) grew from $4.95 per share in late 2016 to as high as $36.35 per share on August 30, 2017.
On September 11, 2017, an article was published asserting that in June 2017, Health Insurance was rejected for a key insurance license in its home state of Florida, as the regulator uncovered undisclosed legal actions against Health Insurance insiders and that Health Insurance privately warned the Florida regulator of the disastrous “domino effect” from this rejection by which licensing denials will then spread to the other states in which Health Insurance does business. Shares of Health Insurance Innovations Inc (NASDAQ: HIIQ) declined on September 11, 2017 to $19.95 per share.