Shareholder Targets Maxwell Over $13M Revenue Revision

Law360, New York (March 22, 2013, 4:38 PM EDT) -- A Maxwell Technologies Inc. shareholder launched a securities class action in California federal court Thursday over alleged accounting deficiencies that led the energy storage company to revise its revenue downward by about $13 million.

Joshua Weinstein alleges Maxwell misled its investors about certain payouts it was making to distributors that had not been accounted for by the company's financing department.

The deficiencies for the payments, which the company had not recorded before reporting revenue, caused the company to inform investors earlier this month that earnings statements...
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