A lawsuit was filed on behalf of investors in MaxPoint Interactive Inc (NYSE:MXPT) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 09/22/2015 -- An investor, who purchased NYSE:MXPT shares filed a lawsuit against MaxPoint Interactive over alleged violations of securities laws in connection with certain allegedly false and misleading statements made in connection with the initial public offering.
Investors who purchased shares of MaxPoint Interactive Inc (NYSE:MXPT) have certain options and for certain investors are short and strict deadlines running. Deadline: October 30, 2015. NYSE:MXPT investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The plaintiff claims 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 Interactive Inc 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 MaxPoint Interactive Inc 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.
Shares of MaxPoint Interactive Inc (NYSE:MXPT) declined from $9.93 per share in July 2015 to as low as $4.08 per share on August 26, 2015.
Those who purchased shares of MaxPoint Interactive Inc (NYSE:MXPT) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego