Faruqi & Faruqi Alert: MaxPoint Interactive, Inc.
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MaxPoint Interactive, Inc. (“MaxPoint” or the “Company”) (NYSE:MXPT) of the October 30, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
A lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased MaxPoint securities pursuant to the Company’s initial public offering (“IPO”) on March 6, 2015.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that: (1) over two-thirds of the Company’s sales were coming from a small group of only 50 customers whose budgetary restraints significantly affected the Company’s growth; and (2) its sales growth was declining in the months leading up to the IPO due to the acquisition of smaller customers with reduced advertising budgets.
As this information has gradually become available, MaxPoint’s share price has fallen from an IPO price of $11.50 per share on March 6, 2015, to a closing price of $4.51 per share on September 1, 2015—a drop of $6.99 or over 60%.
If you invested in MaxPoint stock or options and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding MaxPoint’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.