The Shareholders Foundation announces that an investigation for investors, who purchased shares of Marrone Bio Innovations Inc (NASDAQ:MBII) in early 2014 or earlier and currently hold any of those NASDAQ:MBII shares, is ongoing concerning potential wrongdoing by certain Marrone Bio Innovations officers and directors.
Investors who purchased shares of Marrone Bio Innovations Inc (NASDAQ:MBII) in early 2014 or earlier and currently hold any of those 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 concerns whether certain Marrone Bio Innovations officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
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.
On September 5, 2015, a lawsuit was filed against Marrone Bio Innovations over alleged securities laws violations. The plaintiff claimed 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.
Shares of Marrone Bio Innovations Inc declined from $18.65 per share in January 2014 to as low as $1.85 per share on October 10, 2014.
On February 4, 2015 Marrone Bio Innovations Inc announced the results of the internal investigation conducted by the Audit Committee of its Board of Directors regarding certain accounting and other matters.
According to the investigation M Marrone Bio Innovations Inc detailed why certain financial statements were inaccurate when initially reported and revealed several internal reporting issues.
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