Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Maxwell Technologies, Inc.

  Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline in the Class
  Action Lawsuit Against Maxwell Technologies, Inc.

Business Wire

LOS ANGELES -- April 5, 2013

The Law Offices of Todd M. Garber announces that shareholders of Maxwell
Technologies, Inc. (“Maxwell” or the “Company”) (NASDAQ:MXWL) have until May
13, 2013 to move for lead plaintiff status in the shareholder lawsuit filed in
the United States District Court for the Southern District of California. The
lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers
of Maxwell common stock between April 28, 2011 and March 7, 2013, inclusive
(the “Class Period”).

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 are a member of the above-described Class, you may move the Court no
later than May 13, 2013 to serve as lead plaintiff; however, you must meet
certain legal requirements. To be a member of the Class you need not take any
action at this time. You may retain counsel of your choice or take no action
and remain an absent Class member. If you wish to discuss this action or have
any questions concerning this Notice 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
info@toddgarberlaw.com.

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

Contact:

Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
213-700-7262
info@toddgarberlaw.com
 
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