MediaAlpha, Inc. Securities Lawsuit Investigation

Shamis & Gentile P.A., a law firm that advocates for investors who are victims of securities fraud, is investigating potential claims against MediaAlpha, Inc. (MAX).

If you purchased or held MediaAlpha, Inc. securities and suffered losses, you may be eligible to join this securities investigation.

The matters described are allegations, not findings of fact. No court has determined liability.

About MediaAlpha, Inc.

MediaAlpha, Inc. is a technology company that operates in the insurance and advertising sectors. The company, sometimes doing business as QuoteLab, LLC, reportedly provides a digital platform that connects consumers searching for insurance with insurance providers and agents.

MediaAlpha’s business model centers on generating and selling consumer leads, primarily through online advertisements and affiliated websites. These leads are typically sold to insurance carriers, agents, and other third parties seeking to market insurance products.

The company is publicly traded on the New York Stock Exchange under the ticker symbol MAX.

What's being investigated

Shamis & Gentile P.A. is reviewing allegations that MediaAlpha’s board of directors or senior management may have failed to manage the company in an acceptable manner, potentially breaching their fiduciary duties to the company and its shareholders. The investigation is examining whether these alleged oversight failures resulted in damages to MediaAlpha and its investors.

According to the Federal Trade Commission (FTC) complaint, MediaAlpha allegedly used advertisements and websites that claimed to provide health insurance quotes to collect personal information from consumers. The FTC contends that, rather than selling insurance products, MediaAlpha sold the collected consumer information—referred to as "leads"—to telemarketers. The FTC further alleges that MediaAlpha sold approximately 119 million consumer leads in 2024 alone.

On August 6, 2025, MediaAlpha announced it had agreed to settle the FTC’s claims for $45 million.

Key timeline

• November 4, 2024 — MediaAlpha publicly disclosed it had received a letter from FTC staff indicating the FTC was “prepared to recommend the filing of a complaint against the Company.” Investors say this raised concerns about regulatory compliance and business practices.
• November 5, 2024 — MediaAlpha’s stock price dropped by $4.46 (27.7%), closing at $11.62, following the company’s disclosure of the FTC’s potential action. Investors allege this decline reflected the market’s reaction to the regulatory risks and alleged business conduct.
• August 6, 2025 — MediaAlpha announced a $45 million settlement with the FTC to resolve the claims described above. Investors contend this outcome may have significant financial and reputational implications for the company.

Why investors may be concerned

Investors and their counsel allege that MediaAlpha and certain officers may have made materially false or misleading statements, or failed to disclose adverse facts about the company’s business practices and regulatory compliance. The complaint contends that the company’s disclosures regarding its advertising practices and use of consumer data may have omitted information about the FTC’s investigation and the alleged deceptive conduct.

Stockholders further argue that the board of directors may have lacked adequate systems to monitor mission-critical risks, such as compliance with consumer protection and advertising laws. These alleged oversight failures could have exposed the company to regulatory penalties and reputational harm.

Possible legal pathways

Several legal avenues may be available in connection with these allegations:

• Securities class actions: Investors who purchased shares during the relevant period may seek to recover losses by joining a securities class action lawsuit, alleging violations of federal securities laws.
• Stockholder derivative actions: Shareholders may bring derivative claims on behalf of the company, alleging that directors or officers breached their fiduciary duties by failing to oversee compliance and risk management.
• Regulatory investigations: The FTC’s enforcement action and settlement are ongoing points of scrutiny and may prompt further regulatory review.

What documentation exists so far

• Securities fraud investigation announcement by Glancy Prongay & Murray LLP
• Kirby McInerney LLP’s case summary and investigation updates
• MediaAlpha Q2 2025 earnings report reflecting legal and inquiry costs

What investors can watch next

At this time, there are no announced upcoming court milestones or governance changes in the public record. Investors may monitor future earnings releases, regulatory filings, and any new disclosures from the company regarding the FTC settlement or related shareholder litigation.

FAQ (allegations-only)

What is a derivative lawsuit?

A derivative lawsuit is a legal action brought by shareholders on behalf of the company, typically against directors or officers, alleging breaches of fiduciary duty or oversight failures.

Does this article mean the company broke the law?

No. The matters described are allegations only. No court or regulator has made a final determination of liability.

What types of governance reforms can result from these cases?

If claims are proven or settled, companies sometimes agree to adopt new compliance measures, oversight committees, or enhanced risk management practices.

What is the class period for the securities lawsuit?

According to available sources, the class period began on November 4, 2024, but the end date has not been definitively specified.

Can I participate if I held shares before the class period?

Eligibility typically depends on when shares were purchased and held. Investors should consult with counsel to determine their rights.

Your Rights and Next Steps

If you purchased or held MediaAlpha, Inc. (MAX) securities and suffered financial losses following the company’s disclosures about the FTC investigation and subsequent settlement, you may have legal rights. This is an ongoing investigation that could lead to a derivative action lawsuit on behalf of the company.

Shareholders in derivative actions seek to hold directors and officers accountable for alleged breaches of fiduciary duty, such as failing to oversee regulatory compliance or risk management. If successful, these actions may result in financial recovery for the company, governance reforms, or both.

To protect your rights, consider gathering documentation of your MediaAlpha share purchases, sales, and losses during the relevant period. You may wish to consult with counsel to determine your eligibility to participate in any securities class action or derivative litigation.

You May Be Entitled to Compensation

Securities investigations are time-sensitive. If you suffered losses in MediaAlpha, Inc. (MAX) securities following the company’s disclosures about the FTC investigation, you may be eligible to join the investigation and seek compensation.

To participate, complete the form below to join the investigation. Acting promptly helps ensure your rights are preserved.

Contact / information request

If you have information relevant to these allegations, you may contact us to share documents or tips.