NEW YORK, March 9, 2013 /PRNewswire/ -- Faruqi & Faruqi, LLP, a national law firm concentrating on investor rights, consumer rights and the enforcement of federal antitrust laws, is investigating potential claims against the board of directors of Maxwell Technologies, Inc. ("Maxwell" or the "Company") (Nasdaq: MXWL) concerning possible breaches of fiduciary duty and other violations of law related to the Company's financial statements. The investigation focuses on the accounting irregularities arising from the lack of internal controls over revenue recognition for distributor contracts.
Maxwell is a global leader in developing, manufacturing and marketing energy storage and power delivery solutions for automotive, heavy transportation, renewable energy, backup power, wireless communications and industrial and consumer electronics applications as well as for radiation-hardened microelectronic components and systems for satellites and spacecraft. The Company recently announced that its financial statements contained in its 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. The reason for this announcement was the discovery of errors in the timing of the recognition of revenue from sales to certain distributors. These errors arose from arrangements the Company had with certain of its distributors regarding the payment terms for sales to such distributors with respect to certain transactions. Shareholders interested in seeking to recover damages on behalf of Maxwell and to implement corporate governance measures designed to prevent future misconduct should contact the firm.
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Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action and derivative litigation. The firm is focused on providing exemplary legal services in the areas of securities, shareholder, antitrust and consumer litigation, through all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.
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