Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has
Been Filed Against Maxwell Technologies, Inc.
WILMINGTON, Del. -- March 14, 2013
Rigrodsky & Long, P.A.:
*Do you, or did you, own shares of Maxwell Technologies, Inc. (NASDAQ GS:
*Did you purchase your shares before April 28, 2011, or between April 28,
2011 and March 7, 2013, inclusive?
*Did you lose money in your investment in Maxwell Technologies, Inc.?
*Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United
States District Court for the Southern District of California on behalf of all
persons or entities that purchased the common stock of Maxwell Technologies,
Inc. (“Maxwell” or the “Company”) (NASDAQ GS: MXWL) between April 28, 2011 and
March 7, 2013, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against the Company and certain of its
officers (the “Complaint”).
If you purchased shares of Maxwell during the Class Period, or purchased
shares prior to the Class Period and still hold Maxwell, and wish to discuss
this action or have any questions concerning this notice or your rights or
interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at
(888) 969-4242, by e-mail to email@example.com, or at:
Maxwell develops, manufactures and markets energy storage and power delivery
products for transportation, industrial, telecommunications and other
applications and microelectronic products for space and satellite
applications. The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and omitted
materially adverse facts, about the Company’s business, operations and
prospects. Specifically, the Complaint alleges that: (a) Maxwell had
overstated its revenues and earnings in 2011 and 2012 in violation of
Generally Accepted Accounting Principles (“GAAP”); (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. As a result of defendants’ false and
misleading statements, the Company’s stock traded at artificially inflated
prices during the Class Period.
According to the Complaint, during the Class Period, defendants issued
materially false and misleading statements regarding the Company’s financial
performance and business prospects and overstated the Company’s reported
revenue. As a result of defendants’ false and misleading statements, Maxwell
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, the Company issued a press release
disclosing that it 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,
shares in Maxwell fell 11%, closing at $8.10 per share on March 8, 2013, from
a close of $9.11 per share on March 7, 2013, on volume of over 1.7 million
If you wish to serve as lead plaintiff, you must move the Court no later than
May 13, 2013. A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. In order to be appointed lead
plaintiff, the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York,
regularly litigates securities class, derivative and direct actions,
shareholder rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware Court
of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Fax: (302) 654-7530
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