SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP is investigating whether certain officers and directors of Marrone Bio Innovations, Inc. (NASDAQ: MBII) violated state or federal laws.
In a filing with the United States Securities and Exchange Commission (“SEC”) on September 3, 2014, Marrone announced that the unaudited interim financial statements for the first and second quarters of 2014 should no longer be relied upon as being in compliance with generally accepted accounting principles.
Then on February 4, 2015, after an internal investigation, Marrone detailed why the aforementioned financial statements were inaccurate when initially reported, revealing several internal reporting issues. In one such case, the Company cited shipping the wrong product to a customer because the ordered product was not readily available, yet the revenue was recognized for financial reporting purposes.
On November 10, 2015, Marrone announced the completion of its financial restatement and the filing of its periodic reports for the fiscal year ended December 31, 2014 and for the six months ended June 30, 2015. The details of the cost associated with the internal investigation were detailed on a November 17, 2015 conference call. Over the prior year, Marrone spent $5.6 million on its internal investigation. Additionally, Marrone accrued $1.8 million related to the SEC investigation.
If you feel that certain officers and directors should be held liable and you have held Marrone shares continuously long term, you may have standing to hold the Company harmless from these damages. You may also be able to assist in reforming Marrone’s corporate governance to prevent future wrongdoing.
If are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (jimb@johnsonandweaver.com) by email or by phone at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
