Maxwell to delay filing Form 10-Q

theflyonthewall.com

Maxwell Technologies has determined that it is unable to file its quarterly report on Form 10-Q for the quarter ended March 31 within the prescribed time period without unreasonable effort or expense. In addition, the company has not yet filed its annual report on Form 10-K for the year ended December 31, 2012. As discussed in the company's current report on Form 8-K filed with the SEC on March 7, the company is in the process of restating 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 for 2011 and 2012 as a result of errors relating to the timing of recognition of revenue from sales to certain distributors. The company is not able to complete its financial statements for the year ended December 31, 2012, or subsequent interim periods in 2013, until the process of restating its previously issued financial statements for the prior periods has been completed. Further, as discussed in the company's current report on Form 8-K filed with the SEC on April 2, following the resignation of its previous independent registered public accounting firm, the company's audit committee engaged BDO USA, LLP as its new independent registered public accounting firm for the fiscal years ending December 31, 2010, 2011, 2012 and 2013. The company will not be able to file its annual report on Form 10-K for the year ended December 31, 2012, or subsequent quarterly reports for interim periods in 2013, until it has determined the impact of the restatement to its financial statements, and BDO has completed its audit and review procedures for these financial statements.

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