SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Marrone Bio Innovations, Inc. - MBII
NEW YORK, Sept. 3, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Marrone Bio Innovations, Inc. ("Marrone" or the "Company") (NASDAQ: MBII). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether Marrone and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On September 3, 2014, the Company announced in a Securities and Exchange Commission ("SEC") filing 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. The 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.
On this news, shares of Marrone fell $2.20 per share to $3.44, or more than 38.97%, in intraday trading on September 3, 2014.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
SOURCE Pomerantz LLP
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