WILMINGTON, Del.--()--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Maxwell Technologies, Inc. (NASDAQ GS: MXWL)?
- Did you purchase your shares before April 28, 2011, or between April 28, 2011 and March 7, 2013, inclusive?
- Did you lose money in your investment in Maxwell Technologies, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces 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”) (NASDAQ GS: MXWL) 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”).
If you purchased shares of Maxwell during the Class Period, or purchased shares prior to the Class Period and still hold Maxwell, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/maxwell-technologies-inc-mxwl.
Maxwell develops, manufactures and markets energy storage and power delivery products for transportation, industrial, telecommunications and other applications and microelectronic products for space and satellite applications. 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.
According to the Complaint, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and business prospects and overstated the Company’s reported revenue. As a result of defendants’ false and misleading statements, Maxwell stock traded at artificially inflated prices during the Class Period, reaching a high of $21.20 per share on November 4, 2011.
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.
If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 2013. A lead plaintiff is a representative party acting 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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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