NEW YORK, Sept. 3, 2014 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims on behalf of shareholders of Marrone Bio Innovations, Inc. ("Marrone Bio" or the "Company") (NasdaqGM – MBII) relating to whether certain of the Company's executives violated the federal securities laws.
On September 3, 2014, Marrone Bio announced that the Audit Committee of the Company's Board of Directors had commenced an investigation concerning the propriety of recognizing revenue during the Fourth Quarter 2013 related to a $870,000.00 transaction. The Audit Committee, in consultation with Company management, concluded that financial statements related to Fiscal Year 2013 and the Fourth Quarter 2013 included in its Annual Report filed on Form 10-K for the year ended December 31, 2013, the related report of the independent auditors of such financial statements dated March 25, 2014, and unaudited interim financial statements included in the Company's Quarterly Reports filed on Forms 10-Q for the quarters ended March 31, 2014 and June 30, 2014 should no longer be relied upon.
The market reacted violently to this news sending Marrone Bio's shares down approximately 40% from $5.64 to $3.44.
If you are aware of any facts relating to the issues described above, or if own Marrone Bio shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr., Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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