Glancy Binkow & Goldberg LLP Announces Investigation on Behalf of Shareholders of Maxwell Technologies, Inc.
Glancy Binkow & Goldberg LLP announces that it is investigating
potential claims against Maxwell Technologies, Inc. (“Maxwell” or the
“Company”) (NASDAQ:MXWL) concerning possible violations of federal
securities laws. The investigation focuses on allegations that certain
statements issued by the Company between April 28, 2011 and March 7,
2013, regarding Maxwell’s business, operations and prospects were false
and misleading.
Maxwell develops, manufactures, and markets energy storage and power
delivery products, and microelectronic products worldwide. Specifically,
the investigation relates to Maxwell’s March 7, 2013 announcement that
the Company’s previously issued financial statements contained in its
annual report on Form 10-K for the year ended December 31, 2011, and all
unaudited quarterly reports on Form 10-Q in 2011 and 2012, respectfully,
should no longer be relied upon because of errors in those financial
statements. According to the Company, the errors relate to the timing of
recognition of revenue from sales to certain distributors. As the
Company explained, “the investigation discovered arrangements with
certain of our distributors regarding the payment terms for sales to
such distributors with respect to certain transactions. These
arrangements had not been communicated to our finance and accounting
department and, therefore, had not been considered when recording
revenue on shipments to these distributors.” The Company further
disclosed that “as a result of our investigation, certain employees were
terminated and our Sr. Vice President of Sales and Marketing resigned as
reported in Item 5.02 of this Form 8-K.”
If you purchased Maxwell securities between April 28, 2011 and March 7,
2013, if you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, by telephone at (310) 201-9150 or Toll Free at (888)
773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
