San Diego, Aug 22, 2011 (Shareholders Foundation) -- An investigation on behalf of investors in shares of Maxwell Technologies Inc. (NASDAQ:MXWL) was announced over possible Violations of the Foreign Corrupt Practices Act by certain officers and directors of Maxwell Technologies.

The investigation by a law firm focuses on possible Maxwell Technologies shareholder claims based on potential violations of the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business.Specifically the investigation concerns wether certain officer and directors at Maxwell Technologies are liable in connection with the agreement to settle Foreign Bribery charges for possible FCPA violations.
Maxwell Technologies, Inc. announced that it agreed to pay almost $14.4million as it had reached settlements with the U.S. Securities and Exchange Commission (SEC) and the U.S. Department of Justice (DOJ) with respect to charges asserted by the SEC and DOJ relating to the anti-bribery, books and records, internal controls, and disclosure provisions of the Foreign Corrupt Practices Act and other securities law violations.

Maxwell Technologies Inc. previously disclosed that it has been conducting an internal investigation, and providing information and documents to the United States Securities and Exchange Commission and the Department of Justice about commissions paid to a sales representative in connection with the sale of its products in China.
Maxwell Technologies Inc announced these payments equaled the difference between the quoted price for certain products and the amount that the independent sales agent was able to sell such products to certain customers in China. These payments had previously been recorded as commissions; however, a portion of those payments may actually have been rebated directly or indirectly to customers. Maxwell Technologies said it recorded commissions to the agent of $1.8 million, $653,000 and $178,000 for the years ended December 31, 2008, 2007 and 2006, respectively. Maxwell terminated its relationship with this independent sales agent as of May 20, 2009.

Maxwell Technologies Total Revenue increased over the past four years from $56.71million in 2007 to $121.88million in 2010. However, Maxwell Technologies had to in all four years a Net

Shares of Maxwell Technologies Inc. (MXWL) rose from as low as $4.69 in January 09 to as high as $20.97 in October 09, however recently NASDAQ: MXWL stock traded at slightly below $15 per share.