On March 13, 2013, a complaint was filed in the United States District Court for the Southern District of California against Maxwell Technologies, Inc. (“Maxwell” or the “Company”) and certain of the Company’s senior executives (the “Individual Defendants” and, together with the Company, “Defendants”) for violations of the federal securities laws.  The action alleged that Defendants misled investors by, among other things, (i) overstating Maxwell’s revenues and earnings in 2011 and 2012; (ii) reporting revenues prior to the time the sales price was fixed and/or collection was reasonably assured; and (iii) having internal accounting controls that were deficient and which permitted the premature recognition of revenue.

On May 13, 2013, Saxena White P.A. filed a motion on behalf of City of Clearwater Employees’ Pension Plan (“Clearwater”) requesting that the Court appoint Clearwater as the Lead Plaintiff of the consolidated action and appoint Saxena White as Lead Counsel for the Class.  On October 24, 2013, the Honorable Roger T. Benitez issued an Order consolidating the related actions, appointing Clearwater as Lead Plaintiff and appointing Saxena White as Lead Counsel.  In the Order, Judge Benitez noted, among other things, that “Saxena White has extensive experience litigating securities class actions, and has successfully prosecuted numerous securities fraud class actions on behalf of investors.”  Plaintiff is currently in the process of preparing its Consolidated Amended Class Action Complaint, which will be filed according to the terms of a briefing schedule to be approved by Judge Benitez.