MediaAlpha Inc.'s principal financial backers may have dodged $66 million in losses by illegally dumping shares ahead of a damaging report about its data practices, according to a lawsuit.
An investor sued the insurance analytics company Thursday, seeking internal documents to investigate $200 million in insider sales by its alleged controlling stockholders, White Mountains Insurance Group Ltd. and Insignia Capital Partners LP. The “suspiciously timed” transactions in March and May preceded a June 24 report by Wolfpack Research LLC that suggested the company uses fraudulent ads to trick investors into turning over personal information it resells, the lawsuit says. ...
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