Case Page

 

Case Status:    SETTLED
On or around 09/27/2016 (Ongoing date of last review)

Filing Date: September 05, 2014

According to the law firm press release, Marrone makes bio-based pest management and plant health products. Bio-based products are comprised of naturally occurring microorganisms, such as bacteria and fungi, and plant extracts. The Company targets the major markets that use conventional chemical pesticides, including certain agricultural and water markets, where the bio-based products are used as substitutes for, or in connection with, conventional chemical pesticides. Marrone also targets new markets for which there are no available conventional chemical pesticides, the use of conventional chemical products may not be desirable or permissible because of health and environmental concerns or the development of pest resistance has reduced the efficacy of conventional chemical pesticides.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.

On September 3, 2014, the Company filed a Form 8-K with the SEC, announcing, among other things, that some of its previously issued financial statements should no longer be relied upon as being in compliance with generally accepted accounting principles.

On this news, the Company's shares fell $2.50, or over 44%, to close at $3.15 on September 3, 2014.

On February 13, 2015, the Court issued an Order appointing lead plaintiffs and approving lead counsel. The Court also ordered the consolidation of related cases. This action was consolidated into lead action 2:14-cv-02571.

A consolidated complaint was filed on September 1, 2015. This was followed by the filing of a second amended complaint on January 11, 2016. A third amended complaint was filed on June 1.

On June 16, 2016, a Settlement between all parties excluding the auditor defendant was filed. This Settlement was preliminarily approved on July 8. On September 27, Final Judgment was entered as to the Settling parties.

COMPANY INFORMATION:

Sector: Basic Materials
Industry: Chemical Manufacturing
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MBII
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. California
DOCKET #: 14-CV-02055
JUDGE: Hon. Morrison C. England, Jr
DATE FILED: 09/05/2014
CLASS PERIOD START: 03/06/2014
CLASS PERIOD END: 09/02/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: E.D. California
DOCKET #: 14-CV-02571
JUDGE: Hon. Morrison C. England, Jr
DATE FILED: 06/01/2016
CLASS PERIOD START: 08/01/2013
CLASS PERIOD END: 11/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowenstein Sandler PC
    65 Livingston Avenue, Lowenstein Sandler PC, NJ 07068
    973.597.250 973.597.2400 · sthompson@lowenstein.com
No Document Title Filing Date