Law Offices of Howard G. Smith announces that it is investigating potential claims against Maxwell Technologies, Inc. (“Maxwell” or the “Company”) (NASDAQ:MXWL) concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between April 28, 2011 and March 7, 2013, regarding Maxwell’s business, operations and prospects were false and misleading.
Maxwell develops, manufactures, and markets energy storage and power delivery products, and microelectronic products worldwide. Specifically, the investigation relates to Maxwell’s March 7, 2013 announcement that the Company’s 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, respectfully, 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. As the Company explained, “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 as reported in Item 5.02 of this Form 8-K.”
If you purchased Maxwell securities between April 28, 2011 and March 7, 2013, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll Free at 888-638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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