Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Maxwell Technologies, Inc.
Law Offices of Howard G. Smith announces that it is investigating potential claims against Maxwell Technologies, Inc. ("Maxwell” or the "Company”) (NASDAQ:MXWL) concerning possible breaches of fiduciary duty or other violations of law by the Company’s board of directors. Maxwell develops, manufactures and markets energy storage and power delivery products, and microelectronic products.
The investigation concerns allegations of potential violations of the Foreign Corrupt Practices Act by certain of the Company’s executive officers and/or directors. In May 2010, Maxwell disclosed an internal investigation of certain payments made to the Company's former independent sales agent in China with respect to the sales of its high voltage capacitor products produced by the Company’s Swiss subsidiary. The Company reported that "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 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 purchased shares of Maxwell and still hold those shares, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
