INVESTOR ALERT: Class Action Lawsuit Against Marrone Bio Innovations, Inc. Announced by Law Offices of Howard G. Smith
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of California on behalf of purchasers of the securities of Marrone Bio Innovations, Inc. (“Marrone” or the “Company”) (NASDAQ:MBII) between March 6, 2014 and September 2, 2014, inclusive (the “Class Period”).
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.”
If you are a member of the Class described above, you have until November 4, 2014, to move the Court 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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