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MEDIAALPHA INVESTIGATION ALERT: Bragar Eagel & Squire, P.C. Continues Investigation into MediaAlpha, Inc. on Behalf of Stockholders and Encourages Investors to Contact the Firm

1. Bragar Eagel & Squire is investigating claims against MediaAlpha (MAX). 2. Wolfpack Research alleged MAX engaged in consumer fraud related to health insurance. 3. MAX experienced significant stock drops following negative reports and FTC complaints. 4. An FTC settlement of $45 million was announced for misleading practices in 2025. 5. Investors suffering losses are encouraged to discuss legal options.

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FAQ

Why Bearish?

Negative reports and investigations have consistently led to significant stock declines for MAX.

How important is it?

Ongoing investigations and settlements significantly affect investor confidence and stock price.

Why Long Term?

Continued scrutiny and legal challenges could hinder MAX's business reputation long into the future.

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Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In MediaAlpha (MAX) To Contact Him Directly To Discuss Their Options If you purchased or acquired stock in MediaAlpha and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648. Click here to participate in the action. NEW YORK, Sept. 30, 2025 (GLOBE NEWSWIRE) -- What’s Happening: Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against MediaAlpha, Inc. (“MediaAlpha” or the “Company”) (NYSE:MAX) on behalf of MediaAlpha stockholders. Our investigation concerns whether MediaAlpha has violated the federal securities laws and/or engaged in other unlawful business practices. 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. Next Steps: If you purchased or otherwise acquired MediaAlpha shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form.  There is no cost or obligation to you. About Bragar Eagel & Squire, P.C.: Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes. Follow us for updates on LinkedIn, X, and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn and X. Contact Information: Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Marion Passmore, Esq.(212) 355-4648investigations@bespc.comwww.bespc.com

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