LOS ANGELES--(BUSINESS WIRE)--
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”) (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 firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
- Company Legal & Law Matters
- United States District Court
Todd M. Garber, Attorney at Law