Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into MediaAlpha, Inc.’s (NYSE: MAX) board of directors and senior management for potential breaches of their fiduciary duties to shareholders in connection with alleged misleading claims and deceptive advertising that resulted in a $45 million settlement with the FTC.

If you are a current shareholder of MediaAlpha, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/mediaalpha-investigation

Why is MediaAlpha being Investigated?

On October 30, 2024, the FTC informed MediaAlpha the FTC was preparing to file a complaint against MediaAlpha “for violations of Section 5(a) of the FTC Act,” the “Telemarketing Sales Rule” and the “Government and Business Impersonation Rule.”

Underlying those claims, the FTC was preparing to allege that MediaAlpha “has represented itself as affiliated with government entities, made misleading claims (in particular regarding health insurance products and the Company’s use of consumers’ personal information) and utilized deceptive advertising” as part of its lead generation and telemarketing business. In November, 2024, MediaAlpha disclosed these (and other) high-level details of the lawsuit to its stockholders, and stated that it “believes that a loss in connection with the FTC matter is probable.”

In July of 2025, MediaAlpha settled the claims with the FTC. Under the terms of the settlement, MediaAlpha agreed to pay $45 million in cash and agreed to make various governance reforms restricting its future advertising and marketing practices. In August of 2025, the FTC issued its final approval of the settlement, and publicly posted its complaint against MediaAlpha (the “Complaint”).

During the pendency of the FTC’s Complaint, MediaAlpha’s insiders sold large amounts of their shares in MediaAlpha, which raises questions about whether certain members of MediaAlpha’s management were taking advantage of their knowledge about the details of the Complaint before the full Complaint was disclosed to the rest of MediaAlpha’s stockholders.

BFA is investigating whether MediaAlpha’s board of directors, together with members of the company’s senior management, have breached their fiduciary duties to MediaAlpha stockholders in connection with the FTC’s investigation and certain MediaAlpha insiders’ sales of their stock.

Click here for more information: https://www.bfalaw.com/cases/mediaalpha-investigation

What Can You Do?

If you are a current holder of MediaAlpha, Inc. stock, you may have legal options and are encouraged to submit your information to the firm.

All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.

Submit your information by visiting:

https://www.bfalaw.com/cases/mediaalpha-investigation

Or contact:
Adam McCall
adam@bfalaw.com
212.789.3619

Why Bleichmar Fonti & Auld LLP?

BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, please visit https://www.bfalaw.com.

https://www.bfalaw.com/cases/mediaalpha-investigation

Attorney advertising. Past results do not guarantee future outcomes.

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Bleichmar Fonti & Auld LLP announces an investigation into MediaAlpha, Inc.’s (NYSE: MAX) board of directors and senior management for potential breaches of their fiduciary duties to shareholders