Robbins Arroyo LLP Is Investigating the Officers and Directors of Health Insurance Innovations, Inc. (HIIQ) on Behalf of Shareholders

Business Wire

SAN DIEGO & TAMPA, Fla.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Health Insurance Innovations, Inc. (NasdaqGM: HIIQ) breached their fiduciary duties to shareholders. Health Insurance Innovations operates as a developer, distributor, and administrator of cloud-based individual health and family insurance plans, and supplemental products in the United States.

View this press release on the firm's Shareholder Rights Blog:
https://www.robbinsarroyo.com/health-insurance-innovations/

Health Insurance Innovations Accused of Hiding Rejection of a Major License Application

Investors of Health Insurance Innovations filed a securities class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between March 4, 2016 and September 11, 2017. According to the complaint, Health Insurance Innovations officials touted positive projections for the company's future growth while omitting that the Florida Office of Insurance Regulation ("OIR") had denied its application for a third-party insurance administrators ("TPA") license, which is required for the company to operate in Florida. When a research report revealed that Health Insurance Innovations' application had been denied because the company continuously failed to provide information requested by the OIR, the company's stock fell $6.55 per share, or nearly 22%, to close at $23.35 per share on September 11, 2017. Since then, the company's stock has fallen even further, closing at $22.80 per share on December 8, 2017.

Health Insurance Innovations Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

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