RADNOR, Pa., Oct. 26, 2015 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds MaxPoint Interactive, Inc. (NYSE: MXPT) ("MaxPoint" or the "Company") shareholders that a class action lawsuit has been filed against the Company on behalf of all shareholders who purchased or acquired MaxPoint common stock pursuant and/or traceable to the Company's initial public offering (the "IPO") on March 6, 2015.
MaxPoint shareholders are reminded that they may, no later than October 30, 2015, petition the Court for appointment as a lead plaintiff of the class. MaxPoint shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or at [email protected].
For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/new-cases/maxpoint-interactive-inc.
MaxPoint is a provider of business intelligence and marketing-automation software services designed to enable national brands to drive local in-store sales. On March 6, 2015, MaxPoint completed its IPO, selling 6.5 million shares of common stock to investors at $11.50 per share, for gross proceeds of more than $74 million. In connection with its IPO, the Company filed a Registration Statement and Prospectus (collectively, the "Offering Materials") with the SEC.
The class action lawsuit alleges that MaxPoint's Offering Materials contained false and misleading statements about the Company's financial condition, business and prospects. Among other things, the lawsuit alleges that MaxPoint's Offering Materials failed to disclose: (i) that the Company was wholly dependent upon its top 50 customers alone for two-third of its sales; and (ii) that the Company had been signing smaller customers with smaller advertising budgets in the months leading up to its IPO.
Following the Company's IPO, the price of MaxPoint common stock significantly declined from an IPO price of $11.50 per share to a current trading price of less than $5.00 per share.
MaxPoint shareholders are reminded that they may, no later than October 30, 2015, petition the Court to be appointed as a lead plaintiff of the class.
A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706 or (610) 667 – 7706, or via e-mail at [email protected]
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
SOURCE Kessler Topaz Meltzer & Check, LLP