Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Filed Against Marrone Bio Innovations, Inc. - MBII

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Sep 17, 2014, 05:17 ET

RADNOR, Pa., Sept. 17, 2014 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action has been filed against Marrone Bio Innovations, Inc. (Nasdaq: MBII) ("Marrone" or the "Company") on behalf of purchasers of the Company's common stock between August 2, 2013 and September 2, 2014, inclusive (the "Class Period").

Marrone shareholders may, no later than November 4, 2014, petition the Court for appointment as a lead plaintiff of the Class. A lead plaintiff is a representative party who acts on behalf of all shareholders in directing the litigation against the Company.

Shareholders who wish to discuss this action and their options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299 – 7706. For additional information about this lawsuit, or to request information about this action online, please visit http://www.ktmc.com/case/MarroneBio.

Marrone provides bio-based pest management and plant health products for the crop protection, water treatment, and other target markets in the United States and internationally. On September 3, 2014, Marrone disclosed that its Audit Committee had "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 Company further disclosed that the Audit Committee had determined that certain of Company's historical financial statements "should no longer be relied upon as being in compliance with generally accepted accounting principles."

On this news, shares of Marrone's common stock fell $2.50 per share, or over 44%, to close at $3.15 per share on September 3, 2014, on extremely heavy trading volume. This closing price represented a cumulative decline of $8.85 per share, or over 73%, from the price of the Company's shares at the time of its August 2013 Initial Public Offering.

The complaint alleges that, throughout the Class Period, Marrone and certain of its executive officers made a series of false and/or misleading statements and failed to disclose material adverse facts about the Company's business. Specifically, the complaint alleges that the defendants' statements regarding the Company's "products, revenues, losses and internal controls" were materially false and misleading when made. The Complaint further alleges that the defendants "fraudulently announced inflated revenues, earnings and earnings per share" in violation of applicable accounting rules, and that the Company "misrepresented its internal controls as being adequate when, in fact, they were inadequate and permitted the improper recordation of profits and losses during the Class Period."

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at [email protected]. The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For additional information about the lawsuit, or to request information about the action, please visit http://www.ktmc.com/case/MarroneBio.

Members of the class may, no later than November 4, 2014, petition the Court for appointment as a lead plaintiff of the class. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). For more information about Kessler Topaz Meltzer & Check, or for additional information about participating in this action, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706 or (610) 667-7706
[email protected]

SOURCE Kessler Topaz Meltzer & Check, LLP