SAN DIEGO, March 18, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of Maxwell Technologies Inc. (MXWL) common stock over alleged violations of Federal Securities Laws by Maxwell Technologies Inc. in connection with certain allegedly false and misleading statements made between April 28, 2011 and March 7, 2013.
If you purchased a significant amount of common stock of Maxwell Technologies Inc. (MXWL) between April 28, 2011 and March 7, 2013 and /or if you purchased MXWL shares in 2011 or earlier and currently hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that Maxwell Technologies Inc. and certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that the defendants issued between April 28, 2011 and March 7, 2013 allegedly materially false and misleading statements regarding Maxwell Technologies' financial performance and business prospects and overstated the Company's reported revenue.
The plaintiff says that as a result of the defendants' statements, the Company's stock traded at inflated prices between April 28, 2011 and March 7, 2013, reaching a high of $21.20 per share on November 4, 2011.
On March 7, 2013, Maxwell Technologies, Inc. announced that on March 1, 2013, the audit committee of its board of directors concluded that the previously issued financial statements contained in its annual report on Form 10-K for the year ended December 31, 2011, and all unaudited quarterly reports on Form 10-Q in 2011 and 2012, as well its selected financial data for the related periods, should no longer be relied upon because of errors in those financial statements.
The plaintiff seeks to recover damages.
Shares of Maxwell Technologies Inc. (MXWL) closed on March 15, 2013 at $7.34 per share, which is significantly below its current 52 week high of $19.34 per share.
Those who purchased shares of Maxwell Technologies Inc. have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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