LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP, representing investors of Marrone Bio Innovations, Inc. (“Marrone” or the “Company”) (NASDAQ:MBII), has filed a class action lawsuit in the United States District Court for the Eastern District of California on behalf of a class (the “Class”) comprising purchasers of the securities of Marrone between March 6, 2014 and September 2, 2014, inclusive (the “Class Period”).
Please contact Casey Sadler at (888) 773-9224 or (310) 201-9150, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Marrone provides bio-based pest management and plant health products for crop protection, water treatment and other target markets in the United States and internationally. The Complaint alleges that defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) Marrone’s financial statements contained errors related to the improper recognition of revenues; (2) the Company lacked adequate internal controls over financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On September 3, 2014, the Company filed a Form 8-K with the Securities and Exchange Commission announcing, among other things, that some of its previously issued financial statements should no longer be relied upon as being in compliance with generally accepted accounting principles, and that the Audit Committee of the Company’s board of directors has commenced an internal investigation “after learning of documents calling into question the recognition of revenue in the fourth quarter of 2013 for an $870,000 transaction.”
The Company further disclosed that on September 2, 2014, the Audit Committee concluded that Marrone’s previously reported financial statements as of December 31, 2013, and for the fiscal year ended December 31, 2013, included in the Company’s Annual Report on Form 10-K for the 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 included in the Company’s Quarterly Reports on Forms 10-Q for the quarters ended March 31, 2014, and June 30, 2014, “should no longer be relied upon.”
Following these disclosures, the price of Marrone shares fell $2.50, or over 44%, to close at $3.15 on September 3, 2014.
If you are a member of the Class described above, you may move the Court no later than November 4, 2014, to serve as lead plaintiff, if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please tact Casey Sadler, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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