SOURCE: Shareholders Foundation

Shareholders Foundation

April 01, 2013 09:37 ET

Maxwell Technologies Inc. (MXWL) Investor Lawsuit Over Alleged False and Misleading Statements Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 1, 2013) - The Shareholders Foundation, Inc. announces that an investor filed lawsuit against Maxwell Technologies Inc. over alleged Securities Laws violations.

If you purchased shares of Maxwell Technologies Inc. (MXWL) 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 on behalf of purchasers of Maxwell Technologies Inc. shares during the period between April 28, 2011 and March 7, 2013 that the defendants issued certain 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, MXWL 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.

MXWL shares closed on March 28, 2013 at $5.39, which is significantly below its 52 week high of $18.82 per share.

The plaintiff seeks to recover damages.

Those who are current long-term investors in MXWL shares 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.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108