Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Maxwell Technologies, Inc. (“Maxwell Technology” or “Company”) (NasdaqGS: MXWL). 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”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
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.
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Maxwell Technologies’ business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Maxwell Technologies’ officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Maxwell Technologies stock for all shareholders,” said shareholder rights attorney Patrick Powers.