NEW YORK, Oct. 22, 2015 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces that a class action lawsuit has been filed on behalf of purchasers of MaxPoint Interactive, Inc. (“MaxPoint”) (NYSE:MXPT) securities pursuant and/or traceable to MaxPoint’s initial public offering on or about March 6, 2015 (the “IPO”). The lawsuit seeks to recover damages for MaxPoint investors under the federal securities laws.
To join the MaxPoint Interactive, Inc. class action, go to the firm’s website at http://www.rosenlegal.com/cases-710.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, MaxPoint’s IPO offering documents were inaccurate because MaxPoint failed to disclose that it was deriving two-thirds of its sales from only 50 customers, and that due to this high customer concentration, it was more exposed to those 50 customers’ budgetary proclivities and promotional activities. The suit also claims that MaxPoint had been signing smaller customers with smaller advertising budgets in the months leading up to the IPO, and consequently, MaxPoint’s sales growth was declining at the time of the IPO. Since the IPO, the price of MaxPoint stock has dropped approximately 60%. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than October 30, 2015. If you wish to join the litigation, go to the firm’s website at http://www.rosenlegal.com/cases-710.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.