Lawsuit Overview
Settlement Overview
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February 17, 2015 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
February 5, 2015 - The court held a final settlement hearing.
November 3, 2014 - The court preliminarily approved the settlement.
October 6, 2014 - Parties filed a stipulation of settlement.
June 4, 2014 - The lead plaintiff filed an amended consolidated complaint.
May 5, 2014 - The court granted the defendants' motion to dismiss and granted lead plaintiff leave to file an amended complaint.
February 20, 2014 - The defendants filed a motion to dismiss.
January 17, 2014 - The lead plaintiff filed a corrected amended consolidated complaint.
January 16, 2014 - The lead plaintiff filed an amended consolidated complaint on behalf of investors who purchased Maxwell Technologies Inc (NASDAQ: MXWL) common shares between April 29, 2011 and March 19, 2013. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between April 29, 2011 and March 19, 2013.
October 24, 2013 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.
May 13, 2013 - Lead plaintiff motions were filed.
March 13, 2013 - An investor in shares of Maxwell Technologies Inc (NASDAQ: MXWL) filed a lawsuit in the U.S. District Court for the Southern District of California against Maxwell Technologies Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 28, 2011 and March 7, 2013.
According to the complaint the plaintiff alleges on behalf of purchasers of Maxwell Technologies Inc (NASDAQ: MXWL) common stock during the period between April 28, 2011 and March 7, 2013, that Maxwell Technologies Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing between April 28, 2011 and March 7, 2013 allegedly materially false and misleading statements regarding Maxwell Technologies Inc's financial performance and business prospects and overstated Maxwell Technologies Inc's reported revenue.
The plaintiff claims that as a result of the defendants statements, Maxwell Technologies Inc's stock traded at artificially 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 (NASDAQ: MXWL) 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.
Shares of Maxwell Technologies Inc (NASDAQ: MXWL) closed on March 13, 2013 at $7.65 per share, which is significantly below its current 52 week high of $19.34 per share.