NEW YORK, April 19, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of investors who purchased Maxwell Technologies, Inc. ("Maxwell" or the "Company") (Nasdaq:MXWL) stock between April 28, 2011 and March 7, 2013 (the "Class Period").
For more information, click here: http://zlk.9nl.com/maxwell-technologies-mxwl/.
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.
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, shares in Maxwell fell 11%, closing at $8.10 per share on March 8, 2013.
If you suffered a loss in Maxwell you have until May 13, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/maxwell-technologies-mxwl/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.