LOS ANGELES, April 12, 2013 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP, representing investors of Maxwell Technologies, Inc. ("Maxwell" or the "Company") (Nasdaq:MXWL), has filed a shareholder lawsuit in the United States District Court for the Southern District of California on behalf of a class (the "Class") comprising all persons or entities who purchased Maxwell common stock between April 28, 2011 and March 7, 2013, inclusive (the "Class Period"). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 13, 2013 to file a motion with the Court to be appointed as lead plaintiff.
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 or Toll Free at (888) 773-9224, or by email at firstname.lastname@example.org.
Maxwell develops, manufactures and markets energy storage and power delivery products, and microelectronic products worldwide. The Complaint alleges that the defendants issued false and/or misleading statements and/or failed to disclose that: (1) 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) these arrangements had not been communicated to Maxwell's finance and accounting department; (3) as a result, these arrangements had not been considered when recording revenue on shipments to these distributors; (4) a fixed or determinable sales price did not exist at the time of shipment to these distributors; (5) collection was not reasonably assured at the time revenue had been recognized for certain transactions; (6) as a result, the Company was improperly recognizing revenue related to sales transactions to distributors; (7) as such, the Company's financial results were not prepared in accordance with Generally Accepted Accounting Principles ("GAAP"); (8) the Company lacked adequate internal and financial controls; and (9), as a result of the foregoing, the Company's statements were materially false and misleading at all relevant times.
On March 7, 2013, Maxwell 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.
If you purchased Maxwell common stock between April 28, 2011 and March 7, 2013, you may move the Court to serve as lead plaintiff no later than May 13, 2013; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or 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 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com.
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Source:Glancy Binkow & Goldberg LLP