Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Health Insurance Innovations, Inc.

Business Wire

LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the April 22, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Health Insurance Innovations, Inc. (“Health Insurance Innovations” or the “Company”) (NASDAQ: HIIQ) securities between February 28, 2018 and November 27, 2018, inclusive (the “Class Period”). Health Insurance Innovations investors have until April 22, 2019 to file a lead plaintiff motion in this class action.

If you are a shareholder who suffered a loss, click here to participate.

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.

On November 27, 2018, Aurelius Value published a report 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.” On this news, shares of HIIQ fell $1.93, or more than 5.8%, on November 27, 2018, thereby damaging investors.

The complaint filed in this class action 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, 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.

If you purchased or otherwise acquired Health Insurance Innovations securities during the Class Period you may move the Court no later than April 22, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.