March 27, 2018 / 3:47 PM / a year ago

Maxwell Technologies, former executive settle U.S. SEC charges

WASHINGTON, March 27 (Reuters) - Maxwell Technologies Inc and a former executive have settled charges brought by the U.S. Securities and Exchange Commission that they fraudulently inflated financial results, the agency said in a statement on Tuesday.

Without admitting or denying the allegations, Maxwell Technologies, a California-based energy storage and power delivery product manufacturer, has agreed to pay $2.8 million and former sales executive Van Andrews has agreed to pay $50,000, the agency said.

Reporting by Eric Beech Editing by David Alexander

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