SAN FRANCISCO, Sept. 11, 2014 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a top-tier investor-rights law firm, advises investors of the Nov. 4, 2014 lead plaintiff deadline in the securities fraud class action against Marrone Bio Innovations, Inc. (Nasdaq:MBII) ("Marrone" or "the Company").
Investors who purchased Marrone securities between March 6, 2014 and September 2, 2014 (the "Class Period") should contact Hagens Berman Partner Reed Kathrein, who is leading the firm's investigation, by calling (510) 725-3000, emailing MBII@hbsslaw.com or visiting http://hb-securities.com/investigations/MBII.
The complaint, filed in the Eastern District of California on Sept. 5, 2014, and docketed as 2:14-CV-02055, alleges that Marrone made false and misleading statements and failed to disclose several material facts that when revealed caused its share price to tumble 44%. The complaint further alleges 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. The Company's Sept. 3, 2014 Form 8-K filed with the SEC informed investors that the board's Audit Committee commenced an internal investigation after documents revealed revenue recognition issues with a material transaction. In the same announcement, Marrone stated that prior financial statements were no longer reliable as required by generally accepted accounting principles.
"It is now apparent that Marrone lacked sufficient internal controls despite repeated assurances to the contrary," said Mr. Kathrein. "This Company improperly recognized revenue from a material transaction while simultaneously reporting that it was experiencing rapid revenue growth and reporting that growth in an accurate and proper manner."
If you suffered a loss from your investment in Marrone securities purchased on or after March 6, 2014 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
Persons with non-public information regarding Marrone should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email MBII@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm's Securities Newsletter at http://www.hb-securities.com/newsletter. The firm's blog is located at www.meaningfuldisclosure.com.
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