BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased MaxPoint Interactive, Inc. ("MaxPoint" or the "Company") (NYSE:MXPT) pursuant to MaxPoint’s recent initial public offering (“IPO”). MaxPoint investors have until October 30, 2015 to file a lead plaintiff motion. Investors who suffered losses of over $100,000 on their investment in MaxPoint securities are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action.
On March 6, 2015, the Company completed its IPO, and sold more than 6.5 million shares at an initial price of $11.50 per share. However, the Company allegedly failed to disclose in its IPO materials that, the Company’s sales were highly concentrated in 50 customers at the time of the IPO; and therefore the Company was highly susceptible to its top 50 customers operational and budgetary risk. Furthermore, the Company had allegedly 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. On September 1, 2015, less than six months after the IPO, MaxPoint stock closed at $4.51, down more than 60% from the IPO price.
If you purchased MaxPoint securities pursuant to the Company’s IPO you may move the Court no later than October 30, 2015 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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