STEVENSON, Md., March 15, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation 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" or the "Company") (Nasdaq:MXWL) common stock during the period between April 28, 2011 and March 7, 2013 inclusive (the "Class Period").
If you have suffered a net loss from investment in Maxwell Technologies, Inc. common stock purchased on or after April 28, 2011, and held through March 7, 2013, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 13, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company had overstated its revenues and earnings in 2011 and 2012 due to its reporting revenues before the time that the sales prices was fixed and/or collection was reasonably assured in violation of Generally Accepted Accounting Principles. According to the Complaint, following Maxwell's March 7, 2013 disclosure that the Company would be restating previously issued financial statements for 2011 and most of 2012 and that those financials should no longer be relied upon because of errors related to the timing of recognition of revenue from sales to certain distributors, that Maxwell's Senior Vice President of Sales and Marketing had resigned, and that there were ongoing investigations by the audit committee and Maxwell's Board of Directors, the value of Maxwell shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616