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Thursday, Mar 7
Maxwell (MXWL) -12.2% AH on news it's restating 2011 and 2012 results due to errors in revenue...
Maxwell (MXWL) -12.2% AH on news it's restating 2011 and 2012 results due to errors in revenue recognition timing. Thanks to arrangements uncovered during an investigation, Maxwell "does not believe that a fixed or determinable sales price existed" for certain sales at the time of shipment, "nor was collection reasonably assured." The restatement will decrease Maxwell's 2011 revenue by $6.5M, and its revenue for the first 3 quarters of 2012 by $5.5M. The company's sales/marketing chief has resigned, and "certain employees were terminated."