Ryan & Maniskas, LLP Announces Class Action Lawsuit Against Maxwell Technologies Inc.
WAYNE, Pa., April 5, 2013 /PRNewswire/ -- Ryan & Maniskas, LLP (www.rmclasslaw.com/cases/mxwl) announces 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") (NASDAQ: MXWL) between April 28, 2011 and March 7, 2013, inclusive (the "Class Period").
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at email@example.com or visit: www.rmclasslaw.com/cases/mxwl.
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, or 11%, on March 8, 2013, to close at $8.10 per share.
If you are a member of the class, you may, no later than May 13, 2013, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information about the case or to participate online, please visit: www.rmclasslaw.com/cases/mxwl or contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218, or by e-mail at firstname.lastname@example.org. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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