SAN DIEGO, Oct. 1, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Marrone Bio Innovations Inc (MBII) over alleged Violations of Federal Securities Laws by Marrone Bio Innovations Inc.
If you purchased shares of Marrone Bio Innovations Inc (MBII), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 4, 2014. Marrone Bio Innovations investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between March 6, 2014 and September 2, 2014 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 (MBII) declined from as high as $20 per share in October 2013 to as low as $2.41 per share on September 29, 2014.
Those who purchased shares of Marrone Bio Innovations Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.