DAVIS, Calif., Feb. 17, 2016 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (the “Company”) (NASDAQ:MBII), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, today announced the Company has entered into a settlement agreement with the United States Securities and Exchange Commission (the “SEC”) fully resolving its previously disclosed investigation, which was principally related to the accounting and other matters that were initially identified by the Company in September 2014 and that led to the financial restatement completed by the Company on November 10, 2015.
In agreeing to the settlement, the Company neither admits nor denies the SEC’s allegations that the Company violated certain provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. Under the terms of the settlement agreement, the Company will pay a $1.75 million civil penalty and consents to an injunction against future violations of such laws. The Company noted that the individual alleged by the SEC to have engaged in the conduct that is the focus of the SEC’s complaint against the Company resigned in August 2014.
Dr. Pamela Marrone, the Company’s Chief Executive Officer, commented: “We have determined that resolving this matter serves the best interests of the Company and its stockholders. With this behind us, we can focus on our business going forward.”
About Marrone Bio Innovations
Marrone Bio Innovations, Inc. (NASDAQ:MBII) aims to lead the movement to a more sustainable world through the discovery, development and promotion of biological products for pest management and plant health. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have four products for agriculture on the market, a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing our views as of any subsequent date. Examples of such statements include statements regarding the Company’s focus going forward. Such forward-looking statements are based on information available to the Company as of the date of this release and involve a number of risks and uncertainties, some beyond the Company’s control, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including any potential additional legal or regulatory action or adverse decisions by the SEC or other legal authorities. Additional information that could lead to material changes in the Company’s performance is contained in its filings with the SEC. We are under no obligation to, and expressly disclaim any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.