Maxwell Technologies (NASDAQ:MXWL) will delay the release of its 10-K filing. The news, which was revealed in a company submission to the Securities and Exchange Commission, follows the resignation of Maxwell's accounting firm.
The energy storage device maker said in its SEC submission that it is currently in the act of restating a number of its previous financial statements. These include its 2011 10-K and its 10-Q quarterly statements for 2011 and 2012. According to Maxwell, the restatements are necessary because of "errors relating to the timing of recognition revenue from sales to certain distributors."
The company added that it won't be able to complete its 2012 financials without engaging a new accounting firm to help it restate the affected statements.