Kahn Swick & Foti, LLC Announces Pendency and Proposed Settlement of Class Action Involving Purchasers of Health Insurance Innovations, Inc. Common Stock

TAMPA, Fla., Dec. 14, 2020 /PRNewswire/ --

UNITED STATES DISTRICT COURT
FOR THE MIDDLE DISTRICT OF FLORIDA
TAMPA DIVISION

SUMMARY NOTICE OF (I) PENDENCY AND PROPOSED SETTLEMENT OF CLASS ACTION AND PLAN OF ALLOCATION; (II) SETTLEMENT HEARING; AND (III) MOTION FOR AWARD OF ATTORNEYS' FEES AND REIMBURSEMENT OF LITIGATION EXPENSES

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED HEALTH INSURANCE INNOVATIONS, INC ("HIIQ")1 CLASS A COMMON STOCK OR EXCHANGE-TRADED CALL OPTIONS ON HIIQ CLASS A COMMON STOCK, AND ALL PERSONS WHO SOLD (WROTE) EXCHANGE-TRADED PUT OPTIONS ON HIIQ CLASS A COMMON STOCK BETWEEN AUGUST 4, 2017 AND SEPTEMBER 11, 2017, BOTH DATES INCLUSIVE (the "SETTLEMENT CLASS").

YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Middle District of Florida (the "Court"), that a hearing will be held on February 23, 2021, at 10:00 a.m., before the Honorable Thomas P. Barber, United States District Judge, at the Sam M. Gibbons United States Courthouse, United States District Court for the Middle District of Florida, 801 North Florida Avenue, Courtroom 11B, Tampa, FL 33602, for the purpose of determining: a) whether the Court should grant final certification to the Settlement Class pursuant to Fed. R. Civ. P. 23(a) and (b)(3); b) whether the proposed Settlement of the claims alleged in the above-captioned securities class action for Two-Million Eight-Hundred-Thousand Dollars ($2,800,000.00) in cash is fair, reasonable, and adequate and should be approved by the Court; c) whether the proposed Plan of Allocation is fair and reasonable and should be approved by the Court; d) whether Lead Counsel's request for an award of attorneys' fees and reimbursement of litigation expenses should be approved by the Court; and e) such other matters as the Court may deem appropriate.

This Summary Notice relates to a proposed Settlement of claims in a pending securities class action lawsuit brought by investors alleging, among other things, that Defendants HIIQ and Michael D. Hershberger (collectively, the "Defendants"), violated the federal securities laws by allegedly failing to disclose facts regarding the Company's unsuccessful application for its third-party administrator license with the Florida Office of Insurance Regulation, and the alleged risks these facts posed to the Company's business, prospects and operations.

Defendants have expressly denied and continue to deny all charges of wrongdoing or liability whatsoever arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Litigation, and maintain that their conduct was at all times proper and in compliance with applicable provisions of law. These issues have not been ruled on by the Court.

IF YOU PURCHASED OR OTHERWISE ACQUIRED HIIQ CLASS A COMMON STOCK OR EXCHANGE-TRADED CALL OPTIONS ON HIIQ CLASS A COMMON STOCK, OR IF YOU SOLD (WROTE) EXCHANGE-TRADED PUT OPTIONS ON HIIQ CLASS A COMMON STOCK BETWEEN AUGUST 4, 2017 AND SEPTEMBER 11, 2017, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS LITIGATION. IF YOU ARE A SETTLEMENT CLASS MEMBER AND DO NOT TIMELY REQUEST EXCLUSION IN CONNECTION WITH THE PROPOSED SETTLEMENT, YOU WILL BE BOUND BY THE TERMS OF ANY JUDGMENT ENTERED IN THE LITIGATION, WHETHER OR NOT YOU SUBMIT A PROOF OF CLAIM AND RELEASE FORM.

If you have not received a detailed Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Award of Attorneys' Fees and Reimbursement of Litigation Expenses ("Notice"), you may obtain copies by writing to In re Health Insurance Innovations Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2838, Portland, OR 97208-2838 or at www.HIIQSecuritiesLitigation.com. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release form by mail (postmarked no later than April 8, 2021), establishing that you are entitled to recovery. A Proof of Claim and Release form is being sent with this Notice. If you are a Settlement Class Member and need an additional Proof of Claim and Release form, you may obtain copies by writing to In re Health Insurance Innovations Securities Litigation, c/o Epiq Class Action & Claims Solutions, Inc., P.O. Box 2838, Portland, OR 97208-2838 or at www.HIIQSecuritiesLitigation.com.

As a Settlement Class Member, you are represented by Robert Rector as the Settlement Class Representative and Kahn Swick & Foti, LLC as Lead Counsel for the Settlement Class, unless you enter an appearance on your behalf or through counsel of your own choice at your own expense. You are not required to retain your own counsel, but if you choose to do so, such counsel must file a notice of appearance on your behalf and serve copies of his or her notice of appearance on the following attorneys: (a) Ramzi Abadou, Kahn Swick & Foti, LLC, 1100 Poydras Street, Suite 3200, New Orleans, LA 70163; and (b) Robert F. Serio, Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, NY 10166-0193.

If you do not wish to be included in the Settlement Class and you do not wish to participate in the proposed Settlement, you may request to be excluded, in the manner set forth in the full Notice, no later than February 2, 2021.

If you are a Settlement Class Member, you have the right to object to the Settlement, the Plan of Allocation, or the fee and expense applications, or otherwise request to be heard. To object, you may submit a written objection in accordance with the procedures described in the more detailed Notice, referred to above, and/or you may appear at the hearing described above. Any written objection must be received no later than February 2, 2021, and delivered to: (a) the Clerk of the Court, Sam M. Gibbons United States Courthouse, United States District Court for the Middle District of Florida, 801 North Florida Avenue, Tampa, FL 33602; (b) Ramzi Abadou, Kahn Swick & Foti, LLC, 1100 Poydras Street, Suite 3200, New Orleans, LA 70163; and (c) Robert F. Serio, Gibson, Dunn & Crutcher LLP, 200 Park Avenue, New York, NY 10166-0193.

The procedures that MUST be followed for Settlement Class Members to request exclusion from the Settlement Class or to object to the Settlement, the Plan of Allocation and/or applications for fees and expenses are set forth in full in the Notice, referred to above.

PLEASE DO NOT CONTACT THE COURT, THE CLERK'S OFFICE OR HIIQ REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel for the Settlement Class at the address listed below:

Alayne K. Gobeille
KAHN SWICK & FOTI, LLC
1100 Poydras Street, Suite 3200, New Orleans, LA 70163
(504) 455-1400
www.ksfcounsel.com

This is only a summary notice. Copies of the full notice may be requested as described above.

¹ Health Insurance Innovations is now known as Benefytt Technologies, Inc.

SOURCE Kahn Swick & Foti, LLC

SOURCE Kahn Swick & Foti, LLC

Related Links

http://www.ksfcounsel.com

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED