Case Page

 

Case Status:    DISMISSED    
On or around 02/13/2017 (Date of order of final judgment)

Filing Date: August 31, 2015

According to the law firm press release, MaxPoint is a provider of business intelligence and marketing automation software services designed to enable national brands to drive local in-store sales.

On March 6, 2015, MaxPoint completed the IPO, selling more than 6.5 million shares of MaxPoint common stock to the public at $11.50 per share pursuant to a Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with the IPO, raising more than $74.75 million.

The complaint alleges 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 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 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, which would have a material impact on MaxPoint’s profitability. Since the IPO, the price of MaxPoint common stock has declined approximately 60% and is currently trading at below $5.00 per share.

The Court issued an Order dismissing this case on February 13, 2017.

COMPANY INFORMATION:

Sector: Technology
Industry: Software & Programming
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MXPT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 15-CV-06880
JUDGE: Hon. Kimba M. Wood
DATE FILED: 08/31/2015
CLASS PERIOD START: 03/06/2015
CLASS PERIOD END: 08/31/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 15-CV-06880
JUDGE: Hon. Kimba M. Wood
DATE FILED: 01/19/2016
CLASS PERIOD START: 03/06/2015
CLASS PERIOD END: 08/31/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  3. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date