SAN DIEGO--(BUSINESS WIRE)--Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/marrone/) today announced that a class action has been commenced in the United States District Court for the Eastern District of California on behalf of purchasers of Marrone Bio Innovations, Inc. (“Marrone”) (NASDAQ:MBII) common stock during the period between March 7, 2014 and September 2, 2014 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from September 5, 2014. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Darren Robbins of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at email@example.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/marrone/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Marrone and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Marrone makes bio-based pest management and plant health products.
The complaint alleges that during the Class Period, defendants made materially false and misleading statements and/or omitted adverse facts about Marrone’s business and financial results, including that Marrone had overstated its fourth quarter and fiscal 2013 revenues by $870,000 by improperly recognizing revenue in violation of generally accepted accounting principles, which the financial reports and reports on Forms 10-K and 10-Q filed during the Class Period claimed to have been prepared in compliance with; that the Company’s fourth quarter and fiscal 2013 net loss was materially understated; and that Marrone was not on track to achieve the financial results it claimed to be on track to achieve during the Class Period. As a result of defendants’ false and misleading statements and/or omissions during the Class Period, Marrone stock traded at inflated prices, reaching an intraday high of $15.00 per share in March 2014.
On September 3, 2014, the Company issued a press release “announc[ing] that, at the recommendation of management, the Audit Committee of its Board of Directors ha[d] commenced an internal investigation after management learned of documents calling into question the recognition of revenue in the fourth quarter of 2013 for an $870,000 transaction,” and that the “Audit Committee ha[d] retained independent legal advisers to assist it in this investigation.” The release also disclosed that “the Audit Committee ha[d already] determined that the company’s financial statements for the fiscal year ended December 31, 2013, the unaudited interim financial statements for the three month period ended March 31, 2014 and the three- and six- month periods ended June 30, 2014, should no longer be relied upon as being in compliance with generally accepted accounting principles.” On this news, the price of Marrone stock fell $2.50 per share to close at $3.15 per share on unusually high trading volume.
Plaintiff seeks to recover damages on behalf of all purchasers of Marrone common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S. and international institutional investors in contingency-based securities and corporate litigation. The firm has obtained many of the largest securities class action recoveries in history, including the largest jury verdict ever in a securities class action. Please visit http://www.rgrdlaw.com for more information.