NEW YORK, March 22, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in United States District Court for the Southern District of California on behalf of purchasers of Maxwell Technologies, Inc. ("Maxwell" or the "Company") (Nasdaq:MXWL) securities between April 28, 2011 and March 7, 2013, inclusive (the "Class Period"), seeking remedies under the federal securities laws.
Maxwell develops, manufactures, and markets energy storage and power delivery products, and microelectronic products worldwide. On March 8, 2013, the Company disclosed that various financial statements contained in its annual and quarterly reports from the beginning of 2011 through the present could no longer be relied on. The errors included improper revenue recognition and resulted in the termination of multiple employees. On this news, the Company's stock fell over 12%.
If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at email@example.com or firstname.lastname@example.org.
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CONTACT: Gainey McKenna & Egleston (212) 983-1300Source: Gainey & McKenna