The Law Offices of Frank R. Cruz continues its investigation of MediaAlpha, Inc. (“MediaAlpha” or the “Company”) (NYSE: MAX) on behalf of investors concerning the Company’s possible violations of federal securities laws.

IF YOU ARE AN INVESTOR WHO LOST MONEY ON MEDIAALPHA, INC. (MAX), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.

What Is The Investigation About?

On November 4, 2024, MediaAlpha disclosed that it had received a letter from the Federal Trade Commission (“FTC”) staff stating that the FTC Staff is “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, or 27.7%, to close at $11.62 per share on November 5, 2024, thereby injuring investors.

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; in reality, the FTC alleged that MediaAlpha sold nothing to consumers, and the consumer information collected would be sold to telemarketers. According to the FTC, MediaAlpha sold approximately 119 million leads about consumers in 2024 alone.

Contact Us To Participate or Learn More:

If you purchased MediaAlpha securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

The Law Offices of Frank R. Cruz,

2121 Avenue of the Stars, Suite 800,

Century City, California 90067

Call us at: 310-914-5007

Email us at: info@frankcruzlaw.com

Visit our website at: www.frankcruzlaw.com.

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