NEW YORK, Sept. 15, 2017 (GLOBE NEWSWIRE) -- Safirstein Metcalf LLP announces that a class action lawsuit has been filed on behalf of purchasers of the securities of Health Insurance Innovations, Inc. (“Health Insurance Innovations” or the “Company”) (NASDAQ:HIIQ) from August 2, 2017 through September 11, 2017, both dates inclusive (the “Class Period”).

If you purchased or acquired securities of Health Insurance Innovations during the class period, and would like more information about the shareholder class action, please contact Safirstein Metcalf LLP at 1-800-221-0015, or email info@SafirsteinMetcalf.com

If you wish to serve as lead plaintiff, you must move the Court no later than November 10, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Health Insurance Innovations’ 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; (2) the Florida Office of Insurance Regulation’s rejection of Health Insurance Innovations’ application for a third-party insurance administrators license could result in its losing licenses in the other states; and (3) as a result, Health Insurance Innovations’ public statements were materially false and misleading at all relevant times.

On September 11, 2017, an article was published on SeekingAlpha.com alleging that in June 2017 one of Health Insurance Innovations' key license applications was rejected after regulators uncovered undisclosed legal actions against Company insiders; and that the Company privately warned a Florida regulator that a rejection of its license application could create a "domino effect" whereby licensing denials would spread to the other states.

Following this news, Health Insurance Innovations' share price fell $6.55, or 21.91%, to close at $23.35 on September 11, 2017. The stock continued to plummet on September 12th, trading as low as $18.70 per share intraday, an additional decline of 20%.

About Safirstein Metcalf LLP

Safirstein Metcalf LLP focuses its practice on shareholder rights. The law firm also practices in the areas of antitrust and consumer protection.  All of the Firm’s legal endeavors are rooted in its core mission: provide investor and consumer protection.

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