I went through a couple of days of frustration with Blender and Poser trying to do my first morphs and getting the exploding Vicky effect.  That IS caused by the vertices being out of order.  I'm not sure what the setting would be for 3DS Max, but here's what I use in Blender and hopefully you can make sense of it.

If I'm just doing a basic morph I grab the geometry OBJ file straight out of the geometries folder and bypass the whole Poser export mess as Ironsoul already suggested.

If you need to modify an existing morph then you'll need to load it, set the figure the way you want and then export that as an OBJ.  When you do, there should be only 2 boxes checked

Incluce Body part Names in Polygon Groups

Weld Body Part Seams

Now to import the file in Blender I use the following settings, hopefully you'll have something similar in 3DS

Keep Vertice Order

Poly Groups (imports the named groups of polygons, this is important)

Nothing else, I don't want Blender doing anything else to the mesh.

Once I have it open in Blender I check the mesh and confirm that all the body part groups are there and named (head, neck, torso, shoulders, etc.) just as they are in Poser.

Now I move things about, sculpt, etc. to get create the body shape I want.

If I need to scale it, I do so in Object Mode so that I can auto remove scaling and it snaps back to its original size (with my changes scaled down appropriately).  As cfpage noted, you must not change the xyx location of the figure.  If you forget to remove any scaling before export, weird thing will happy (like your super boob morph may also turn Vicky into the 500 ft super boob giant, which was actually kind of funny the first time I did that accidentally).

When I export it in Blender back to OBJ format I only include the UVs, materials, Polygroups (again so those names vertice groups are all included), and Keep Vertex Order.  That's it, nothing else added or changed.

Then load that in Poser as a morph target and you should be good to go.  That's the basics of it anyway.