Law Offices of Todd M. Garber Announces Investigation On Behalf of
Shareholders of Maxwell Technologies, Inc.
LOS ANGELES -- March 13, 2013
The Law Offices of Todd M. Garber 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 Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by
telephone at 213-700-7262 or by email to firstname.lastname@example.org.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
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