Maxwell Technologies, Inc. Under Investigation by Cohen Milstein Sellers & Toll PLLC

WASHINGTON--(BUSINESS WIRE)--Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Maxwell Technologies, Inc. (“Maxwell” or the “Company”) and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

A class action lawsuit was filed in the U.S. District Court Southern District of California by another law firm on behalf of purchasers of the common stock of Maxwell Technologies, Inc. (NASDAQ: MXWL) between April 28, 2011 and March 7, 2013, inclusive (the “Class Period”).

The complaint alleges that Maxwell and certain of its officers and directors (“Defendants”) misrepresented and/or failed to disclose that: (1) Maxwell had overstated its revenues and earnings in 2011 and 2012 in violation of GAAP; (2) Maxwell had reported revenues prior to the time the sales price was fixed or collection was reasonably assured; and (3) Maxwell's internal accounting controls were deficient and permitted the premature recognition of revenue, leading to materially misstated financial results.

The Class Period ends on March 7, 2013, with Maxwell’s announcement that its Audit Committee had determined that the Company’s results for the year 2011 and for all of the quarterly periods in 2011 and 2012 should no longer be relied upon and would have to be restated “because of errors in those financial statements,” adding that those errors “relate to the timing of recognition of revenue from sales to certain distributors.” The Company reported that restatement would decrease its previously reported revenues and profits for 2011 and the first three quarters of 2012, but would increase revenues and profits by the same amounts in subsequent periods. Maxwell further reported that it had: “preliminarily concluded that it has material weaknesses in its internal controls over financial reporting related to the identification and evaluation of revenue transactions which deviate from contractually established payment terms and therefore has preliminarily concluded that its internal controls over financial reporting and disclosure are not effective.” The price of Maxwell shares fell from $9.11 to $8.10, or approximately 11% on March 8.

Cohen Milstein encourages all investors who purchased Maxwell common stock between April 28, 2011 and March 7, 2013 or former employees with information concerning this matter to contact the firm.

If you are a Maxwell shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein’s Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 13, 2013 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may retain Cohen Milstein Sellers & Toll PLLC or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.

Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and is active in major litigation pending in federal and state courts throughout the nation.

The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.
Cameron Clark
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; cclark@cohenmilstein.com

Attorney Advertising