Health Insurance Innovations, Inc.

Health Insurance Innovations, Inc. (HIIQ) Accused of Omitting Information About Insurance License Application Denial

According to the complaint, Health Insurance Innovations, Inc. (HIIQ) is under investigation by 42 states for alleged fraudulent business practices, including intentionally misrepresenting the terms of an insurance contract and using dishonest practices to sell short-term health care plans.  HIIQ submitted its Florida third-party administrator application on July 18, 2016, which was eventually denied on June 1, 2017, because the state’s Office of Insurance Regulation (“OIR”) discovered undisclosed legal actions against HIIQ insiders.  Shareholders were oblivious to these highly material negative facts because HIIQ intentionally kept them under wraps. Meanwhile, certain company insiders sold their HIIQ stock at suspicious times and at inflated prices.  Then, on September 11, 2017, published a whistleblower report that publicly disclosed for the first time that HIIQ had privately warned the OIR that it was in danger of losing additional licenses. On this news, HIIQ’s stock fell nearly 34% to close at $19.75 per share on September 12, 2017.

Health Insurance Innovations, Inc. (HIIQ) Shareholders Have Legal Options

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