Defendant Name:
Maxwell Technologies Inc.
Defendant Type:
Public Company
SIC Code:
3620
CUSIP:
57776710
Initial Case Details
Legal Case Name
SEC v. Maxwell Technologies Inc.
First Document Date
31-Jan-2011
Initial Filing Format
Civil Proceeding
Case Number
11-cv-00258
Allegation Type
Foreign Corrupt Practices Act
Federal District Court
District of Columbia, District of Columbia
Resolutions
First Resolution Date
31-Jan-2011
Related Documents:
Complaint
On January 31, 2011, the SEC filed a complaint against Maxwell Technologies Inc. According to the complaint: "Maxwell Technologies Inc. ('Maxwell') is a manufacturer of energy storage and power delivery products. From 2002 through May 2009, Maxwell violated the anti-bribery, books and records and internal control provisions of the Foreign Corrupt Practices Act ('FCPA') when it repeatedly paid bribes to Chinese officials in order to obtain and retain sales contracts for high voltage capacitors from several Chinese state-owned entities. Maxwell engaged in bribery to maintain its high-voltage capacitor business in China, which accounted for material revenue and profits during the relevant time period."
SEC Charges Maxwell Techonolgies Inc. For Bribery Scheme in China - Maxwell to Pay Over $6.3 Million in Disgorgement and Interest
On January 31, 2011, the SEC announced that it filed a "settled civil action against Maxwell Technologies Inc. (Maxwell) in the U.S. District Court for the District of Columbia, charging the company with violations of the Foreign Corrupt Practices Act (FCPA) for repeatedly paying bribes to government officials in China to obtain business from several Chinese state-owned entities." According to the SEC: "Without admitting or denying the allegations in the SEC's complaint, Maxwell consented to the entry of a final judgment that permanently enjoins the company from future violations of Sections 30A, 13(a), 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934, orders the company to pay $5,654,576 in disgorgement, and $696,314 in prejudgment interest to be paid in two installments over one year. The order also requires the company to comply with certain undertakings regarding its FCPA compliance program. Maxwell cooperated in the investigation. In a related criminal proceeding, Maxwell has reached a settlement with the United States Department of Justice in which Maxwell has agreed to pay an $8 million criminal penalty in three installments over approximately two years."
2011-31
31-Jan-2011
Press Release--Civil Action
SEC Charges Maxwell Technologies for Long-Running Bribery Scheme in China
On January 31, 2011, the SEC announced that it charged energy-related products manufacturer Maxwell Technologies Inc. ("Maxwell") with violating the Foreign Corrupt Practices Act ("FCPA") by repeatedly paying bribes to government officials in China to obtain business from several Chinese state-owned entities. According to the SEC's complaint filed in U.S. District Court for the District of Columbia, a Maxwell subsidiary paid more than $2.5 million in bribes to Chinese officials through a third-party sales agent from 2002 to May 2009. As a result, the subsidiary was awarded contracts that generated more than $15 million in revenues and $5.6 million in profits for Maxwell. Without admitting or denying the SEC's allegations, Maxwell cooperated in the investigation and agreed to settle the charges. The company consented to the entry of a final judgment that permanently enjoins it from future violations of the federal securities laws, orders the company to pay $5,654,576 in disgorgement and $696,314 in prejudgment interest under a payment plan. Maxwell also is required to comply with certain undertakings regarding its FCPA compliance program. In a related criminal proceeding, Maxwell has reached a settlement with the U.S. Department of Justice and agreed to pay an $8 million penalty.
Final Judgment as to Maxwell Technologies Inc.
On February 7, 2011, Federal District Judge Beryl A. Howell entered final judgment against Maxwell Technologies Inc. pursuant to the consent of Maxwell Technologies Inc.