NEW YORK, Sept. 25, 2015 /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP ("Robbins Geller") (http://www.rgrdlaw.com/cases/maxpointinteractive/) previously announced the filing of a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the common stock of MaxPoint Interactive, Inc. ("MaxPoint" or the "Company") (NYSE:MXPT) pursuant and/or traceable to the Company's initial public offering (the "IPO") on or about March 6, 2015, seeking to pursue remedies under the Securities Act of 1933 (the "Securities Act"). The case, Nguyen v. MaxPoint Interactive, Inc., No. 15-cv-6880, was filed on August 31, 2015, and has been assigned to Judge Laura Taylor Swain.
If you purchased MaxPoint common stock pursuant and/or traceable to the IPO and suffered losses in connection therewith, you may qualify to serve as a lead plaintiff in this action. The court-appointed lead plaintiff is generally the investor with the largest financial interest in the relief sought by the class that is adequate and typical of other class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. The deadline to file lead plaintiff motions in this case is October 30, 2015. To inquire about serving as lead plaintiff or discuss this action or notice, please contact plaintiff's counsel, Samuel H. Rudman or David Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at [email protected] You can view a copy of the complaint at http://www.rgrdlaw.com/cases/maxpointinteractive/.
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 the IPO, selling more than 6.5 million shares of MaxPoint common stock to the public at $11.50 per share pursuant to a Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the IPO, raising more than $74.75 million.
The complaint alleges that the Registration Statement used to conduct the IPO contained false and misleading statements regarding the Company's financial condition, business and prospects in violation of the Securities Act. According to the complaint, MaxPoint failed to disclose that it was deriving two-thirds of its sales from just 50 customers at the time of the IPO, and that as a result of this high customer concentration, it was more exposed to those 50 customers' budgetary proclivities and promotional activities. The complaint also alleges that the Company had been signing smaller customers with smaller advertising budgets in the months leading up to the IPO, and that as a result, MaxPoint's sales growth was declining at the time of the IPO, which would have a material impact on MaxPoint's profitability. Since the IPO, the price of MaxPoint common stock has declined approximately 60% and is currently trading at below $5.00 per share. The plaintiff, represented by Robbins Geller, seeks to recover damages on behalf of all purchasers of MaxPoint common stock pursuant and/or traceable to the Company's IPO (the "Class").
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history and was ranked first in both the amount and number of shareholder class action recoveries in ISS's SCAS Top 50 report for 2014. Please visit http://www.rgrdlaw.com/cases/maxpointinteractive/ for more information.
SOURCE Robbins Geller Rudman & Dowd LLP