Key Developments: Maxwell Technologies Inc (MXWL.O)
6.60USD
22 May 2013
$-0.02 (-0.30%)
$6.62
$6.61
$7.12
$6.56
667,577
500,206
$11.08
$4.90
Latest Key Developments (Source: Significant Developments)
Pomerantz Law Firm Investigates Claims on Behalf of Investors of Maxwell Technologies Inc
Pomerantz Grossman Hufford Dahlstrom & Gross LLP announced that it is investigating claims on behalf of investors of Maxwell Technologies, Inc. ("Maxwell" or the "Company") who purchased Maxwell common stock between April 28, 2011 and March 06, 2013 (the "Class Period"). The investigation concerns whether Maxwell and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On March 1, 2013 the company announced: (a) Maxwell had overstated its revenues and earnings in 2011 and 2012 and the financial statements should no longer be relied upon; (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 (d) as a result of the above, the Company's financial statements may be materially false and misleading at all relevant times. Full Article
Rosen Law Firm Announces Securities Class Action to Recover Investors' Losses From Investments in Maxwell Technologies Inc
The Rosen Law Firm, P.A. announced a class action lawsuit has been filed on behalf of investors who purchased common stock Maxwell Technologies Inc from April 28, 2011, to March 7, 2013, seeking remedies under the federal securities laws. On March 7, 2013, Maxwell issued a press release disclosing that it would be restating its previously issued financial statements for fiscal years 2011 and 2012, because those financial statements overstated revenue by approximately $12.0 million in the aggregate. As a result, Maxwell's Vice President of Sales and Marketing resigned, and its stock price fell by 11%, closing at $8.10 per share on March 8, 2013. On March 19, 2013, Maxwell announced that its registered independent auditor had resigned the previous day. The auditor stated that because of information it had uncovered, it could no longer rely on management's or certain particular third parties' representations. Full Article
Briscoe Law and Powers Taylor Investigate Possible Breaches Of Fiduciary Duty By Maxwell Technologies Inc's Officers And Directors
Briscoe Law Firm, PLLC, and Powers Taylor, LLP announced that a federal class action lawsuit has been filed against Maxwell Technologies, Inc. (Maxwell Technology or Company). The firms are investigating additional legal claims against the officers and Board of Directors of Maxwell Technologies during the period of April 28, 2011 to March 7, 2013 (the Class Period). In a recently filed federal class action complaint, Maxwell Technologies and certain of its officers were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants` misrepresented and/or failed to disclose that: (a) Maxwell had overstated its revenues and earnings in 2011 and 2012 in violation of Generally Accepted Accounting Principles; (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. According to the complaint, when these facts were finally disclosed, Maxwell Technologies` shares dropped substantially. Full Article
Law Offices of Todd M. Garber Announces Class Action Lawsuit Against Maxwell Technologies Inc
The Law Offices of Todd M. Garber 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 comprising all purchasers of the common stock of Maxwell Technologies Inc between April 28, 2011 and March 7, 2013, inclusive (the Class Period). The Complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding Maxwell`s financial performance and business prospects and overstated the Company`s reported revenue, resulting in artificial inflation of the Company`s stock price during the Class Period. On March 7, 2013 the Company announced that previously issued financial statements 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, respectfully, would be restated and should no longer be relied upon due to errors in those statements. According to the Company, "the investigation discovered arrangements with certain of our distributors regarding the payment terms for sales to such distributors with respect to certain transactions. These arrangements had not been communicated to its finance and accounting department and, therefore, had not been considered when recording revenue on shipments to these distributors." Full Article
Morgan & Morgan Announces Filing of Class Action Against Maxwell Technologies Inc
Morgan & Morgan announced 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 Technologies or the Company) common stock during the period between April 28, 2011 and March 7, 2013 inclusive (the Class Period). If you purchased Maxwell Technologies between April 28, 2011 and March 7, 2013, you may, no later than May 13, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported 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. Full Article
Robbins Arroyo LLP Investigates Maxwell Technologies Inc
Shareholder rights firm Robbins Arroyo LLP announced that it is investigating whether officers and directors of Maxwell Technologies Inc breached their fiduciary duties to shareholders in making materially false and misleading statements regarding the Company's business, operational, and compliance policies. Robbins Arroyo LLP Investigates Potential Improper Public Statements After Maxwell Reports It Will Have to Restate Previously Filed Financial Statements for 2011 and Most of 2012 After market closed on March 7, 2013, Maxwell issued a press release announcing 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, and that those financial statements should not be relied upon. In light of this news, Robbins Arroyo is investigating whether Maxwell's financial reporting for fiscal years 2011 and 2012 may have been false and misleading because it disregarded several factors, including that: Maxwell overstated its revenues and earnings in 2011 and 2012 in violation of Generally Accepted Accounting Principles; Maxwell had reported revenues prior to the time the sales price was fixed and/or collection was reasonably assured; and Maxwell's internal accounting controls were deficient and permitted the premature recognition of revenue, leading to material misstated financial results. Full Article
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Maxwell Technologies Inc
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed in the United States District Court for the Southern District of California on behalf of all purchasers of the common stock of Maxwell Technologies Inc between April 28, 2011 and March 7, 2013, inclusive (the Class Period). 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. Full Article
Federman & Sherwood Announces Securities Class Action Lawsuit Against Maxwell Technologies Inc
Federman & Sherwood Announces announced that on March 13, 2013, a class action lawsuit was filed in the United States District Court for the Southern District of California against Maxwell Technologies Inc. The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is April 28, 2011 through March 7, 2013. Plaintiff seeks to recover damages on behalf of all Maxwell Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than May 13, 2013 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995. Full Article
Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit Has Been Filed Against Maxwell Technologies Inc
Rigrodsky & Long, P.A. announced 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) 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). 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 shares. Full Article
Law Offices of Todd M. Garber Announces Investigation On Behalf of Shareholders of Maxwell Technologies Inc
The Law Offices of Todd M. Garber announced that it is investigating potential claims against Maxwell Technologies Inc concerning possible violations of federal securities laws. The investigation focuses on allegations that certain statements issued by the Company between April 28, 2011 and March 7, 2013 regarding Maxwell`s business, operations, and prospects were false and misleading. Specifically, the investigation relates to Maxwell`s March 7, 2013 announcement that the Company`s 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, respectfully, 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. Full Article
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