SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky, LLP Launches an Investigation into Possible Breaches of Fiduciary Duty by Maxwell Technologies, Inc.
NEW YORK--(BUSINESS WIRE)-- Levi & Korsinsky is investigating potential claims on behalf of purchasers of Maxwell Technologies, Inc. (“Maxwell Technologies” or the “Company”) (NasdaqGS: MXWL) securities concerning possible violations of securities laws.
On March 7, 2013, the Company acknowledged that many of its financial statements—included those for the year ended December 31, 2011 and all unaudited quarterly reports on Form 10-Q in 2011 and 2012—should no longer be relied upon. Maxwell Technologies cited errors related to the timing of revenue recognition of sales to certain distributors.
Specifically, the auditing committee discovered “arrangements with certain distributors regarding the payment terms for sales to such distributors” which resulted in a possible lack of a fixed or determinable sales price at the time of the shipment to these distributors. As a result of the possible lack of determinable sales prices, revenue from such sales should not have been recognized at the time of shipment. The restatement of Maxwell Technologies finances may decrease revenues by more than $6 million for 2011 alone.
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If you own Maxwell Technologies stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (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. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
Toll Free: 877-363-5972
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