Feb. 1, 2011
-- After Maxwell Technologies Inc. announced that it will pay almost $14.4million in connection with Foreign Bribery allegations an investigation for current long term investors in Maxwell Technologies Inc. (NASDAQ:MXWL)
concerning whether certain officer and directors can be held liable was announced.
If you are a current long term investor in Maxwell Technologies Inc. (NASDAQ:MXWL)
, and/or have information relating the investigation including former employees and/or whistleblowers, you have certain options and you should contact the Shareholders Foundation by email firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Maxwell Technologies Inc. (NASDAQ:MXWL)
concerns whether certain officer and directors at Maxwell Technologies can be held liable in connection with the recent agreement to settle Foreign Bribery charges for possible 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. San Diego-based Maxwell Technologies, Inc. announced on January 31, 2011 that 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 said it agreed to pay an $8 million penalty to the Justice Department, and a total of $6.35 million in profit disgorgement and prejudgment interest to the SEC.
Total Revenue increased over the past three years. Maxwell reported in 2007 Total Revenue of $56.71million, in 2008 $80.44million, and in 2009 $101.31million. Nevertheless Maxwell posted a Net Los in all three years. Maxwell reported a Net Loss of $15.65million in 2007, $14.81million Net Loss in 2008, and $22.91million Net Loss in 2009.
Shares of Maxwell Technologies Inc. (MXWL) traded recently at $18.00 per share.
Those who are current long term investors in Maxwell Technologies Inc. (NASDAQ:MXWL)
, and/or have information relating the investigation including former employees and/or whistleblowers, have certain options and should contact the Shareholders Foundation by email email@example.com or call +1(858) 779 - 1554.
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