Shares of EverQuote (EVER) and QuinStreet (QNST) are higher in Monday morning trading after the United States Court of Appeals for the Eleventh Circuit issued a ruling on Friday to grant the petition made by the Insurance Marketing Coalition for review, vacate Part III.D of the 2023 Order, and remand for further proceedings related to the group’s challenge of components of the Federal Communications Commission’s decision regarding the Telephone Consumer Protection Act. Petitioner Insurance Marketing Coalition Limited challenged Part III.D of the FCC’s 2023 Order and the appeals court agreed with IMC that the FCC “exceeded its statutory authority under the TCPA because the 2023 Order’s new consent restrictions impermissibly conflict with the ordinary statutory meaning of ‘prior express consent’.” In Monday morning trading, EverQuote shares are up nearly 19% to $20.82, while those of QuinStreet have gained 6% to $22.90.
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