SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of MaxPoint Interactive, Inc. (MXPT)
NEW YORK, NY / CRWEPRESSRELEASE / September 3, 2015 / Pomerantz LLP is investigating claims on behalf of investors of MaxPoint Interactive, Inc. (“MaxPoint” or the “Company”) (NYSE: MXPT). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether MaxPoint, certain of its officers and/or directors, and the underwriters of the Company’s Initial Public Offering (“IPO”) have violated Sections 11 and 15 of the Securities Act of 1933.
On March 6, 2015, MaxPoint completed its IPO, selling more than 6.5 million shares of common stock at $11.50 per share, raising more than $74.75 million, pursuant to a Registration Statement and Prospectus that failed to disclose that (i) the Company 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, the Company was more exposed to those 50 customers’ budgetary proclivities and promotional activities; and (ii) 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. 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.