SAN DIEGO and DAVIS, Calif., Sept. 8, 2014 (GLOBE NEWSWIRE) -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Marrone Bio Innovations, Inc. (Nasdaq:MBII) has filed a federal securities fraud class action complaint in the U.S. District Court for the Eastern District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 6, 2014 and September 2, 2014 (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.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/marrone-bio-innovations-inc
Marrone Is Accused of Lacking Proper Internal Financial Controls
According to the complaint, shares of Marrone dropped 44% to close at $3.15 on September 3, 2014, after the company reported in a filing with the U.S. Securities and Exchange Commission that some of the company's previously issued financial statements should not be relied upon as being in compliance with generally accepted accounting principles. In particular, Marrone's Audit Committee launched an internal investigation following the receipt of documents which called into question the recognition of revenue for an $870,000 transaction in the fourth quarter of 2013. As a result, Marrone's financial statements for the fiscal year ended December 31, 2013, and certain related reports for the quarters ended March 31, 2014 and June 30, 2014, can no longer be relied upon.
The complaint further alleges that Marrone made false and/or misleading statements and/or failed to disclose that: (i) the company failed to maintain proper internal controls over financial reporting; (ii) the company's financial statements contained errors related to the improper recognition of revenues; and (iii) as a result, Marrone's financial statements were materially false and misleading throughout the Class Period.
Marrone Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.