Maxwell Technologies Receives Another Notice of Noncompliance from Nasdaq ExchangeTuesday, May 21, 2013
Maxwell Technologies, the San Diego maker energy storage devices used in hybrid buses and other applications, said it received another notice from the Nasdaq exchange that the company is not in compliance with listing requirements due to its not filing timely financial reports.
The company earlier disclosed it received a first notice concerning noncompliance in March. At that time, the company and said it was working on restating financial results for all of 2011 and three quarters of 2012 because of discovered errors related to revenue recognition.
In past communications, the company said the issues revolved around arrangements with certain distributors over sales. Following an internal investigation, Maxwell fired several employees and forced its outside auditor to resign.
Maxwell is submitting a plan on how it intends to regain compliance, and Nasdaq may grant the firm an additional 180 days to do so.
Maxwell said earlier it expects the restatements to decease previously reported sales by $6.5 million for fiscal 2011 and by $5.5 million for the first three quarters of 2012.
— Mike Allen