Key Developments: Maxwell Technologies Inc (MXWL.OQ)

MXWL.OQ on NASDAQ Stock Exchange Global Select Market

8.01USD
1 Aug 2013
Price Change (% chg)

$0.08 (+1.01%)
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$7.93
Open
$8.03
Day's High
$8.10
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$7.95
Volume
34,523
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112,682
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$11.08
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$4.91

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Latest Key Developments (Source: Significant Developments)

Soitec SA and Maxwell Technologies Inc Collaborate on Solar Energy Project
Tuesday, 11 Jun 2013 04:01pm EDT 

Soitec SA and Maxwell Technologies Inc announced that they will collaborate on a California Energy Commission funded, two-phase program to demonstrate the cost and efficiency benefits of combining an energy storage system with Soitec SA's Concentrix CPV technology. Maxwell Technologies Inc has been awarded a USD 1.39 million contract by the California Energy Commission's Research and Development program to fund design and integration of an ultracapacitor-based energy storage system with Soitec's CPV system located on the campus of UC San Diego and a second commercial scale system at Soitec SA's solar power plant in Southern California. The integrated systems will also take advantage of other technology advances, including solar forecasting and predictive energy control, to maximize the benefit of incorporating ultracapacitor energy storage. The project started in June 2013 and will run through November 2015. Independent evaluation of the performance of the integrated systems will be performed by BEW Engineering under a sub-contract with Maxwell Technologies Inc.  Full Article

Bernstein Liebhard LLP Announces Investigation Concerning Maxwell Technologies Inc
Thursday, 6 Jun 2013 12:09pm EDT 

Bernstein Liebhard LLP announced that it is investigating whether the Board of Directors of Maxwell Technologies Inc (Maxwell or the Company), in violation of its fiduciary duties, allowed Maxwell to be harmed by operating with deficient internal accounting controls between April 2011 and March 2013. On March 7, 2013, Maxwell announced it would be restating previously issued financial statements for 2011 and most of 2012.  Full Article

Pomerantz Law Firm Reminds Shareholders With Losses On Their Investment In Maxwell Technologies Inc Of Class Action Lawsuit And Upcoming Deadline
Friday, 26 Apr 2013 01:43pm EDT 

Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it has filed a class action lawsuit against Maxwell Technologies, Inc. (Maxwell Technologies or the Company) and certain of its officers. The class action filed in United States District Court, Southern District of California, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Maxwell Technologies between April 28, 2011 and March 7, 2013, both dates inclusive of (the Class Period). The Complaint alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements regarding the Company's revenues and operations. These false and misleading statements included, overstating revenues and earnings for the years 2011 and 2012, recognizing revenue before a sales price was fixed or collection reasonably assured and not maintaining adequate internal accounting controls. On March 7, 2013, after the market closed, Maxwell issued a press release disclosing that the Company 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.  Full Article

Finkelstein & Krinsk LLP Files Class Action Lawsuit Against Maxwell Technologies Inc
Tuesday, 23 Apr 2013 01:05pm EDT 

Finkelstein & Krinsk LLP of San Diego, CA, announced that it has filed a lawsuit in the United States District Court for the Southern District of California at San Diego on behalf of a class (the Class) comprised of purchasers of Maxwell Technologies Inc (Maxwell or the Company), common stock from April 28, 2011 through March 7, 2013, inclusive (the Class Period). The Complaint alleges that Maxwell and certain of its executive officers issued false and/or misleading statements concerning the Company's business, operations and prospects. The Complaint alleges that Maxwell made false statements and didn't disclose: that employees of the Company were making arrangements with distributors regarding payment terms for sales that were improper; that these arrangements were not shared with Maxwell's accounting department; that these arrangements were not considered when Maxwell recorded revenue; that the arrangements included unspecified pricing; that collection was not reasonably assured for certain transactions; that Maxwell nonetheless was improperly recognizing revenue; that the Company's financial results were therefore not prepared in accordance with Generally Accepted Accounting Principles (GAAP); that the Company lacked adequate internal and financial controls; and as a result of the above, the Company's earlier statements were materially wrong.  Full Article

Glancy Binkow & Goldberg Encourages Investors to Inquire About Lead Plaintiff Position in Class Action Lawsuit Against Maxwell Technologies Inc
Friday, 12 Apr 2013 07:23pm EDT 

Glancy Binkow & Goldberg LLP, representing investors of Maxwell Technologies Inc, announced that it has filed a shareholder lawsuit in the United States District Court for the Southern District of California on behalf of a class (the Class) comprising all persons or entities who purchased Maxwell common stock between April 28, 2011 and March 7, 2013, inclusive (the Class Period). Investors who have losses of $100,000 or more are encouraged to contact the firm for information concerning a lead plaintiff position in the class action suit and have until May 13, 2013 to file a motion with the Court to be appointed as lead plaintiff. 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.  Full Article

Law Offices of Todd M. Garber Announces Lead Plaintiff Deadline in Class Action Lawsuit Against Maxwell Technologies Inc
Friday, 5 Apr 2013 09:35pm EDT 

The Law Offices of Todd M. Garber announced that shareholders of Maxwell Technologies Inc 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). 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.  Full Article

Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Maxwell Technologies Inc
Friday, 5 Apr 2013 04:58pm EDT 

Ryan & Maniskas, LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Maxwell Technologies Inc (Maxwell or the Company) between April 28, 2011 and March 7, 2013, inclusive (the Class Period). 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, or 11%, on March 8, 2013, to close at $8.10 per share.  Full Article

Glancy Binkow & Goldberg LLP Announces Lead Plaintiff Deadline in the Class Action Lawsuit Against Maxwell Technologies Inc
Tuesday, 2 Apr 2013 08:15pm EDT 

Glancy Binkow & Goldberg LLP, representing investors of Maxwell Technologies, Inc announced that purchasers of Maxwell common stock between April 28, 2011 and March 7, 2013, inclusive, 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.  Full Article

Maxwell Technologies Inc Appoints BDO USA LLP As Independent Auditor
Tuesday, 2 Apr 2013 04:06pm EDT 

Maxwell Technologies Inc announced that it has appointed BDO USA , LLP (BDO), an independent registered public accounting firm as its new independent auditor. BDO will commence work immediately, beginning with the audit of the Company's financial statements for the fiscal years ending December 31, 2010 , 2011, 2012 and 2013.  Full Article

Milberg LLP Announces Pendency Of Class Action Lawsuits Against Maxwell Technologies Inc
Tuesday, 2 Apr 2013 03:48pm EDT 

Milberg LLP announced that class action lawsuits have been filed in the United States District Court for the Southern District of California on behalf of purchasers of Maxwell Technologies, Inc. (Maxwell) common stock between April 28, 2011 and March 7, 2013, inclusive (Class Period). The lawsuit alleges Maxwell and certain of its Officers and Directors violated the Securities Exchange Act of 1934. The complaint claims Maxwell issued materially false and misleading statements which led to an inflated stock price during the Class Period. On March 7, 2013, Maxwell issued a press release disclosing that it will need to restate 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.  Full Article

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