The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Marrone Bio Innovations Inc (NASDAQ:MBII) was launched concerning potential breaches of fiduciary duties by certain directors and officers of Marrone Bio Innovations.
Investors who are current long term investors in Marrone Bio Innovations Inc (NASDAQ:MBII) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in NASDAQ:MBII stocks follows a lawsuit filed recently against Marrone Bio Innovations Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:MBII stocks, concerns whether certain Marrone Bio Innovations officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of California the plaintiff alleges that Defendants made allegedly false and/or misleading statements and/or failed to disclose that Marrone Bio Innovations Inc’s financial statements contained errors related to the improper recognition of revenues, that Marrone Bio Innovations Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, Marrone Bio Innovations Inc’s financial statements were allegedly materially false and misleading at all relevant times.
On September 3, 2014, Marrone Bio Innovations Inc announced that, at the recommendation of management, the Audit Committee of its Board of Directors has 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 Bio Innovations Inc said its Audit Committee has retained independent legal advisers to assist it in this investigation. Additionally, the Audit Committee has 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.
Shares of Marrone Bio Innovations Inc (NASDAQ:MBII) declined from $18.65 per share in January 2014 to as low as $2.80 per share on September 5, 2014.
On November 7, 2014, NASDAQ:MBII shares closed at $2.85 per share.
Those who purchased shares of Marrone Bio Innovations Inc (NASDAQ:MBII) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com