NEW YORK CITY, NY / ACCESS Newswire / September 18, 2025 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of MediaAlpha, Inc. ("MediaAlpha" or "the Company") (NYSE:MAX). Investors who purchased MediaAlpha securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: bgandg.com/MAX.
Investigation Details
On June 24, 2024, Wolfpack Research published a report entitled "MAX: Our Investigation Reveals MAX Is Participating in Consumer Fraud." In pertinent part, Wolfpack announced that it was "short the insurance lead generator, MediaAlpha, Inc. (NYSE:MAX) following our research into the company’s [Health Insurance] segment[.]" Wolfpack stated that it believed "[MediaAlpha] uses dishonest and sometimes outright fraudulent ads along with deceptive websites to trick consumers into providing their personal information in exchange for a health insurance ‘quote.’ [MediaAlpha] then sells this information as raw lead data or uses it to generate clicks or calls for its lead-buying partners. Our investigation indicates as much as 78% of [MediaAlpha’s] Health [Insurance] lead-buying partners are running boiler room health insurance scams or are flagrantly violating laws concerning telemarketing." On this news, MediaAlpha’s stock price fell $1.92 per share, or 11.84%, over the following two trading sessions, to close at $14.29 per share on June 25, 2024. Then, on November 4, 2024, MediaAlpha disclosed receipt of a letter from the Federal Trade Commission ("FTC") staff stating that the FTC staff was "prepared to recommend the filing of a complaint against the Company," claiming that MediaAlpha falsely "represented itself as affiliated with government entities, made misleading claims (in particular regarding health insurance products and use of consumers’ personal information) and utilized deceptive advertising." On this news, MediaAlpha’s stock price fell $4.46 per share, of 27.7%, to close at $11.62 per share on November 5, 2024. Then, on August 6, 2025, MediaAlpha announced it was settling claims with the FTC for $45 million. According to the FTC’s complaint, MediaAlpha would use advertisements and websites claiming to provide health insurance quotes to collect information from consumers looking for insurance, while in reality, MediaAlpha sold nothing to consumers, and the consumer information it collected would be sold to telemarketers. According to the FTC, MediaAlpha sold approximately 119 million leads about consumers in 2024 alone.
What’s Next?
If you are aware of any facts relating to this investigation or purchased MediaAlpha securities, you can assist this investigation by visiting the firm’s site: bgandg.com/MAX. You can also contact Peretz Bronstein or his client relations manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660
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Contact
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Nathan Miller
332-239-2660 | info@bgandg.com
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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