Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From
Investment in Maxwell Technologies, Inc. to Inquire About the Lead Plaintiff
Position in Securities Fraud Class Action Lawsuit Before the May 13, 2013 Lead
Plaintiff Deadline -- MXWL
STEVENSON, Md., March 15, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A
Professional Corporation announces that a class action lawsuit has been
commenced in the United States District Court for the Southern District of
California on behalf of purchasers of Maxwell Technologies, Inc. ("Maxwell" or
the "Company") (Nasdaq:MXWL) common stock during the period between April 28,
2011 and March 7, 2013 inclusive (the "Class Period").
If you have suffered a net loss from investment in Maxwell Technologies, Inc.
common stock purchased on or after April 28, 2011, and held through March 7,
2013, you may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at email@example.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley
Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined
experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will
be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply
to be appointed lead plaintiff no later than May 13, 2013 and be selected by
the Court. The lead plaintiff will direct the litigation and participate in
important decisions including whether to accept a settlement and how much of a
settlement to accept for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from investment in
the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange
Act of 1934 by virtue of the defendants' failure to disclose during the Class
Period that the Company had overstated its revenues and earnings in 2011 and
2012 due to its reporting revenues before the time that the sales prices was
fixed and/or collection was reasonably assured in violation of Generally
Accepted Accounting Principles. According to the Complaint, following
Maxwell's March 7, 2013 disclosure that the Company would be restating
previously issued financial statements for 2011 and most of 2012 and that
those financials should no longer be relied upon because of errors related to
the timing of recognition of revenue from sales to certain distributors, that
Maxwell's Senior Vice President of Sales and Marketing had resigned, and that
there were ongoing investigations by the audit committee and Maxwell's Board
of Directors, the value of Maxwell shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial
obligation or cost to you, or you may retain other counsel of your choice. You
need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
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