Defendant Name:
Maxwell Technologies Inc.
Defendant Type:
Public Company
Document Reference:
LR-21832
Document Details
Legal Case Name
SEC v. Maxwell Technologies Inc.
Document Name
SEC Charges Maxwell Techonolgies Inc. For Bribery Scheme in China - Maxwell to Pay Over $6.3 Million in Disgorgement and Interest
Document Date
31-Jan-2011
Document Format
Civil Proceeding
Case Number
11-cv-00258
Federal District Court
District of Columbia, District of Columbia
AAER
3236
Allegation Type
Foreign Corrupt Practices Act
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Enjoinment
Cooperation Before the Resolution