Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Maxwell
SAN DIEGO -- March 13, 2013
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/maxwell/) today announced that a class action
has been commenced in the United States District Court for the Southern
District of California on behalf of purchasers of Maxwell Technologies, Inc.
(“Maxwell”) (NASDAQ:MXWL) common stock during the period between April 28,
2011 and March 7, 2013 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than
60 days from today. If you wish to discuss this action or have any questions
concerning this notice or your rights or interests, please contact plaintiff’s
counsel, Darren Robbins of Robbins Geller at 800-449-4900 or 619-231-1058, or
via e-mail at email@example.com. If you are a member of this class, you can view
a copy of the complaint as filed or join this class action online at
http://www.rgrdlaw.com/cases/maxwell/. Any member of the putative class may
move the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member.
The complaint charges Maxwell and certain of its officers and directors with
violations of the Securities Exchange Act of 1934. Maxwell develops,
manufactures, and markets energy storage, power delivery and microelectronic
The complaint alleges that during the Class Period, defendants issued
materially false and misleading statements regarding Maxwell’s financial
performance and business prospects and overstated the Company’s reported
revenue. As a result of defendants’ false and misleading statements, the
Company’s stock traded at artificially inflated prices during the Class
Period, reaching a high of $21.20 per share on November 4, 2011.
On March 7, 2013, after the market closed, Maxwell issued a press release
disclosing that the Company would be restating previously issued financial
statements for 2011 and most of 2012 due to errors related to the timing of
recognition of revenue from sales to certain distributors. The Company further
disclosed that the financial statements should no longer be relied upon. On
this news, the Company’s stock price dropped $1.01 per share on March 8, 2013
to close at $8.10 per share, a one-day decline of 11% on volume of 1.7 million
shares, and a 62% decline from the stock’s Class Period high.
According to the complaint, the true facts, which were known by the defendants
but concealed from the investing public during the Class Period, included: (a)
Maxwell had overstated its revenues and earnings in 2011 and 2012 in violation
of Generally Accepted Accounting Principles; (b) Maxwell had reported revenues
prior to the time the sales price was fixed and/or collection was reasonably
assured; and (c) Maxwell’s internal accounting controls were deficient and
permitted the premature recognition of revenue, leading to materially
misstated financial results.
Plaintiff seeks to recover damages on behalf of all purchasers of Maxwell
common stock during the Class Period (the “Class”). The plaintiff is
represented by Robbins Geller, which has expertise in prosecuting investor
class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in
contingency-based securities and corporate litigation. With nearly 200 lawyers
in nine offices, the firm represents hundreds of public and multi-employer
pension funds with combined assets under management in excess of $2 trillion.
The firm has obtained many of the largest recoveries in history and has been
ranked number one in the number of shareholder class action recoveries in
MSCI’s Top SCAS 50 every year since 2003. According to Cornerstone Research,
the firm’s recoveries have averaged 35% above the median for all firms over
the past seven years (2005-2011). Please visit http://www.rgrdlaw.com for more
Robbins Geller Rudman & Dowd LLP
Darren Robbins, 800-449-4900 or 619-231-1058
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