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Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Maxwell Technologies, Inc.

  Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in the Class
  Action Lawsuit Against Maxwell Technologies, Inc.

Business Wire

LOS ANGELES -- April 2, 2013

Glancy Binkow & Goldberg LLP, representing investors of Maxwell Technologies,
Inc. (“Maxwell” or the “Company”) (NASDAQ:MXWL), announces that purchasers of
Maxwell common stock between April 28, 2011 and March 7, 2013, inclusive (the
“Class Period”), have until May 13, 2013 to file a motion with the Court to be
appointed as lead plaintiff. The shareholder lawsuit was filed in the United
States District Court for the Southern District of California.

Maxwell develops, manufactures and markets energy storage and power delivery
products, and microelectronic products worldwide. The Complaint alleges that
the defendants issued false and/or misleading statements and/or failed to
disclose that: (1) employees of the Company were making certain arrangements
with certain distributors regarding the payment terms for sales to such
distributors with respect to certain transactions; (2) these arrangements had
not been communicated to Maxwell's finance and accounting department; (3) as a
result, these arrangements had not been considered when recording revenue on
shipments to these distributors; (4) a fixed or determinable sales price did
not exist at the time of shipment to these distributors; (5) collection was
not reasonably assured at the time revenue had been recognized for certain
transactions; (6) as a result, the Company was improperly recognizing revenue
related to sales transactions to distributors; (7) as such, the Company’s
financial results were not prepared in accordance with Generally Accepted
Accounting Principles (“GAAP”); (8) the Company lacked adequate internal and
financial controls; and (9), as a result of the foregoing, the Company’s
statements were materially false and misleading at all relevant times.

On March 7, 2013, Maxwell announced that its 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, 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. 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. …”

On this news, the Company’s shares declined $1.01 per share on March 8, 2013,
to close at $8.10 per share -- a one-day decline of 11% on unusually heavy
trading volume.

If you purchased Maxwell common stock during the Class Period, you have until
May 13, 2013 to move the Court to serve as lead plaintiff; however, you must
meet certain legal requirements. To be a member of the Class you need not take
action at this time; you may retain counsel of your choice or take no action
and remain an absent Class member. To learn more about this action, or if you
have any questions concerning this Notice or your rights or interests with
respect to these matters, please contact Michael Goldberg, Esquire, of Glancy
Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224,
by e-mail to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.

Contact:

Glancy Binkow & Goldberg LLP, Los Angeles, CA
Michael Goldberg
310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
 
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