MaxPoint Interactive, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 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. 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.
If you are a member of the class described above, you may no later than October 30, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706