Maxwell Technologies Delays Release of 10-K
Maxwell Technologies will delay the release of its 10-K filing. The news, which was revealed in a company submission to the Securities and Exchange Commission, follows the resignation of Maxwell's accounting firm.
The energy storage device maker said in its SEC submission that it is currently in the act of restating a number of its previous financial statements. These include its 2011 10-K and its 10-Q quarterly statements for 2011 and 2012. According to Maxwell, the restatements are necessary because of "errors relating to the timing of recognition revenue from sales to certain distributors."
The company added that it won't be able to complete its 2012 financials without engaging a new accounting firm to help it restate the affected statements.
The article Maxwell Technologies Delays Release of 10-K originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in Maxwell Technologies. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.