HIIQ Losses Alert: Bernstein Liebhard LLP Announces First Investigation Of Health Insurance Innovations, Inc. - HIIQ
PRNewswire 28-Nov-2018 1:08 PM
NEW YORK, Nov. 28, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Health Insurance Innovations, Inc. ("HIIQ" or the "Company") (NASDAQ:HIIQ) resulting from allegations that HIIQ and/or its executives may have issued materially misleading business information to the investing public.
If you purchased HIIQ securities, and/or would like to discuss your legal rights and options, please visit HIIQ Shareholder Investigation or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.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." The report further stated that, despite HIIQ's claim "that [Steve] Dorfman was responsible for less than 10% of HIIQ's business[,]"…previously unpublished bank records reveal that HIIQ has paid at least $145 million in cash to Dorfman's companies, representing about half of the third party commissions paid out by HIIQ over this approximate period. We therefore conclude that Dorfman's alleged fraud has been responsible for as much as half of HIIQ's revenues."
On this news, HIIQ stock fell $1.93 per share, or over 5.8%, from its previous closing price to close at $31.20 per share on November 27, 2018, damaging investors.
If you purchased HIIQ securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/health-insurance-innovations-inc-hiiq-lawsuit-class-action-fraud-stock-96/ or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/hiiq-losses-alert-bernstein-liebhard-llp-announces-first-investigation-of-health-insurance-innovations-inc---hiiq-300757058.html
SOURCE Bernstein Liebhard LLP
