Glancy Binkow & Goldberg LLP Announces Filing of a Class Action Lawsuit Against Maxwell Technologies, Inc.
March 29 2013 - 8:16PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of
Maxwell Technologies, Inc. (“Maxwell” or the “Company”)
(NASDAQ:MXWL), has filed a class action lawsuit in the United
States District Court for the Southern District of California on
behalf of a class (the “Class”) comprising all purchasers of
Maxwell common stock between April 28, 2011 and March 7, 2013,
inclusive (the “Class Period”). The Complaint alleges that
throughout the Class Period the Company and certain of its
executive officers issued false and/or misleading statements or
failed to disclose material adverse facts concerning the Company’s
business, operations and prospects.
A copy of the Complaint is available from the court or from
Glancy Binkow & Goldberg LLP. Please contact us by phone to
discuss this action or to obtain a copy of the Complaint at (310)
201-9150, Toll-Free at (888) 773-9224, or by email at
shareholders@glancylaw.com.
Maxwell develops, manufactures, and markets energy storage and
power delivery products, and microelectronic products worldwide.
Specifically, the Complaint alleges that defendants made false
and/or misleading statements and/or failed to disclose: (1) that
employees of the Company were making certain arrangements with
certain distributors regarding the payment terms for sales to such
distributors with respect to certain transactions; (2) that these
arrangements had not been communicated to Maxwell's finance and
accounting department; (3) that, as a result, these arrangements
had not been considered when recording revenue on shipments to
these distributors; (4) that a fixed or determinable sales price
did not exist at the time of shipment to these distributors; (5)
that collection was not reasonably assured at the time revenue had
been recognized for certain transactions; (6) that, as a result,
the Company was improperly recognizing revenue related to sales
transactions to distributors; (7) that, as such, the Company’s
financial results were not prepared in accordance with Generally
Accepted Accounting Principles (“GAAP”); (8) that the Company
lacked adequate internal and financial controls; and (9) that, as a
result of the foregoing, the Company’s statements were materially
false and misleading at all relevant times.
On March 7, 2013, the Company announced that its 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, 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. 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. …”
On this news, the Company’s shares declined $1.01 per share on
March 8, 2013, to close at $8.10 per share -- a one-day decline of
11% on unusually heavy trading volume.
No class has yet been certified in this action. To be a member
of the Class you need not take any action at this time, or you may
retain counsel of your choice. If you purchased Maxwell common
stock during the Class Period you have certain rights, and have
until May 13, 2013 to move for lead plaintiff status. If you wish
to learn more about this action, or have any questions concerning
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, 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.
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