MILWAUKEE, March 8, 2013 (GLOBE NEWSWIRE) -- We are investigating possible securities fraud claims against Maxwell Technologies, Inc. resulting from inaccurate statements Maxwell made regarding its financial performance and future prospects for the period April 28, 2011 to March 7, 2013.
Click here to learn more about the investigation: http://www.ademilaw.com/case/maxwell-technologies-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Our investigation focuses on the extent to which Maxwell issued false and misleading financial statements and had deficient internal controls. On March 7, 2013, Maxwell announced that none of its financial statements for any of 2011 and 2012 were reliable, following discovery of improper arrangements with certain distributors regarding payment terms for sales to the distributors. Revenue from such sales should not have been recognized at the time of shipment to these distributors. The restatement of revenue will decrease revenues for fiscal year 2011 by approximately $6.5 million and decrease revenues in the first three quarters of 2012 by approximately $5.5 million. Maxwell also acknowledged deficiencies in its internal controls over financial reporting and intends to design and implement controls to remediate these deficiencies. Finally, as a result of the investigation, certain employees were fired and Maxwell's Sr. Vice President of Sales and Marketing resigned.
If you wish to obtain additional information or have information about Maxwell, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/maxwell-technologies-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP