WHITE PLAINS, N.Y. (Legal Newsline) - A man is suing a technology advertising service business over allegations of falsifying its initial public offering.
Andrew D. Nguyen, on behalf of himself and those similarly situated, has filed a class action lawsuit on Aug. 31 in the U.S. District Court for the Southern District of New York against Maxpoint Interactive Inc., Joseph Epperson, Brad Schomber, Kevin Dulsky, Lynnette Frank, Len Jordan, Augustus Tai, Goldman Sachs & Co., Deutsche Bank Securities Inc., Pacific Crest Securities LLC., Needham & Co. LLC, and William Bliar & Co. LLC, citing violations of the Federal Securities Act.
Nguyen alleges that the defendants, upon release of the registration statement for their initial public offering on or about March 6, willfully falsified and negligently prepared untrue statement of material facts or omitted other facts that were not in accordance with the rules and regulations. Nguyen argues that the defendants' prospects regarding their year-to-year increases were in fact untrue and misleading, and that they lied about their customer base.
Nguyen is demanding a trial by jury and is suing for an undisclosed amount of compensatory damages, attorney and court fees, rescission or rescissory measure of damages, and any other relief as deem appropriate by the court. He is represented by Samuel H. Rudman and Mary K. Blasy of the law office of Robbins, Geller, Rudman & Dowd LLP in Melville, N.Y., and by Corey D. Holzer and Marshall Dees of the offices of Holzer Holzer & Fistel LLC, in Atlanta, Ga.
U.S. District Court for the Southern District of New York case number 1:15-cv-06880-KMW