Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Maxwell Technologies, Inc.
Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Maxwell Technologies, Inc. Business Wire 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 firstname.lastname@example.org. 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 products worldwide. 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 information. Contact: Robbins Geller Rudman & Dowd LLP Darren Robbins, 800-449-4900 or 619-231-1058 email@example.com