Science & Technology
Science and Technology
Science and Technology
Thu, August 5, 2010
Wed, August 4, 2010
Tue, August 3, 2010 The Shuman Law Firm Investigates Maxwell Technologies, Inc.
BOULDER, Colo.--([ BUSINESS WIRE ])--The Shuman Law Firm today announced that it is investigating potential claims against the board of directors of Maxwell Technologies, Inc. (aMaxwella or the aCompanya) (NASDAQ: MXWL) concerning possible breaches of fiduciary duty and other violations of state and/or federal law. Maxwell develops, manufactures and markets energy storage and power delivery products, and microelectronic products.
"these payments had previously been recorded as commissions; however, a portion of those payments may actually have been rebated directly or indirectly to customers."
The investigation concerns allegations of potential violations of the Foreign Corrupt Practices Act by certain of the Companya™s executive officers and/or directors. In May 2010, Maxwell disclosed an internal investigation of payments made to the Company's former independent sales agent in China with respect to the sales of its high voltage capacitor products. The Company disclosed that athese payments had previously been recorded as commissions; however, a portion of those payments may actually have been rebated directly or indirectly to customers.a The Company further disclosed it has provided certain documents requested by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) in connection with their review of this matter. In fourth quarter 2009, Maxwell recorded an accrual of $9.3 million for a potential settlement with the SEC and DOJ. The Company estimates a potential settlement range between $9.3 million and $20 million.
If you currently own shares of Maxwell and are interested in discussing your rights as a Maxwell shareholder, or have information relating to this investigation, please contact Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Glenn at [ rusty@shumanlawfirm.com ].
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.
