WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Marrone Bio Innovations, Inc. (NASDAQ GM: MBII)?
- Did you purchase your shares before March 7, 2014, or between March 7, 2014 and September 2, 2014, inclusive?
- Did you lose money in your investment in Marrone Bio Innovations, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Eastern District of California on behalf of all persons or entities that purchased the common stock of Marrone Bio Innovations, Inc. (“Marrone” or the “Company”) (NASDAQ GM: MBII) between March 7, 2014 and September 2, 2014, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Marrone during the Class Period, or purchased shares prior to the Class Period and still hold Marrone, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://www.rigrodskylong.com/investigations/marrone-bio-innovations-inc-mbii.
Marrone makes bio-based pest management and plant health products. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) it had improperly recognized revenue in violation of Generally Accepted Accounting Principles; (2) Marrone’s internal accounting controls were deficient and permitted the premature recognition of revenue, leading to materially misstated financial results; and (c) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on September 3, 2014, the Company announced that its Audit Committee had “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.” Marrone also disclosed that the Audit Committee concluded that the Company’s previously reported financial statements for the fiscal year ended December 31, 2013, the related report of the independent auditors on those 2013 financial statements dated March 25, 2014, and the unaudited interim financial statements for the quarters ended March 31, 2014 and June 30, 2014, should no longer be relied upon.
On this news, shares in Marrone plummeted more than 44% that same day, closing at $3.15 per share, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
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