NEW YORK, March 20, 2013 (GLOBE NEWSWIRE) -- Morgan & Morgan announces 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") (Nasdaq:MXWL) 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.
If you purchased Maxwell Technologies and want more information about the Maxwell Technologies securities fraud lawsuit please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at info@morgansecuritieslaw.com.
Maxwell Technologies develops, manufactures, and markets energy storage and power delivery products, and microelectronic products worldwide. 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 Maxwell Technologies: (a) overstated its revenues and earnings in 2011 and 2012 in violation of Generally Accepted Accounting Principles; (b) reported revenues prior to the time the sales price was fixed and/or collection was reasonably assured; and (c) had deficient internal accounting controls and permitted the premature recognition of revenue, leading to materially misstated financial results. As a result of these false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
On March 7, 2013, the Company issued a press release disclosing that it would be restating previously issued financial statements for 2011 and most of 2012. On this news, the share price of Maxwell Technologies fell 11%, closing at $8.10 per share on March 8, 2013.
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