Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Maxwell Technologies, Inc.
The Law Offices of Todd M. Garber announces that a class action lawsuit
has been filed in the United States District Court for the Southern
District of California on behalf of a class comprising all purchasers of
the common stock of Maxwell Technologies, Inc. (“Maxwell” or the
“Company”) (NASDAQ:MXWL) between April 28, 2011 and March 7, 2013,
inclusive (the “Class Period”).
Maxwell develops, manufactures, and markets energy storage and power
delivery products for transportation and other applications, and
microelectronic products. The Complaint alleges that during the Class
Period, defendants issued materially false and misleading statements
regarding Maxwell’s financial performance and business prospects and
overstated the Company’s reported revenue, resulting in artificial
inflation of the Company’s stock price during the Class Period.
On March 7, 2013 the Company announced that previously issued financial
statements 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, would be restated and should no longer be relied
upon due to errors in those statements. According to the Company, “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.”
If you are a member of the Class you may move the Court no later than
May 13, 2013 to serve as lead plaintiff; however, you must meet certain
legal requirements. 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 Todd M. Garber, Esquire, of the
Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email
to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
