WASHINGTON, Sept. 30, 2014 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Marrone Bio Innovations, Inc. ("Marrone" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 or violated the Securities Act of 1933.
Several class action lawsuits were filed against the Company in the U.S. District Court for the Eastern District of California. These complaints were filed on behalf of purchasers of the common stock of Marrone Bio Innovations, Inc. (Nasdaq:MBII) between August 2, 2013, and September 2, 2014, inclusive (the "Class Period"), including those who purchased shares pursuant or traceable to the Company's August 2, 2013, initial public offering ("IPO").
The complaints allege that Marrone and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) Marrone misstated the efficacy of it products and substantially overstated revenue and sales projections; (2) the Company's financial statements and statements regarding its revenue recognition were false and misleading; and (3) the financial statements for the years 2011, 2012 and the quarter ended March 31, 2013, included in the Registration Statement for its IPO were also materially false and misleading.
The claims in this case arise from Marrone's announcement that its Audit Committee had begun an investigation after learning of documents that called into question the recognition of certain revenues in the fourth quarter of 2013. As a result, Marrone reported that its financial statements for the year 2013 and for the three and six month periods ended March 31 and June 30, 2014, should no longer be relied upon. The price of Marrone shares fell from $5.65 to $3.15 on September 3, 2014.
Cohen Milstein encourages all investors who purchased Marrone common stock between August 2, 2013, and September 2, 2014, including those who purchased shares pursuant or traceable to the Company's August 2, 2013, IPO, or former employees with information concerning this matter to contact the firm.
If you are a Marrone shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2014 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Jordan Hill
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; jhill@cohenmilstein.com
Attorney Advertising