Marrone Bio Innovations Announces Resolution of SEC Investigation
February 17, 2016 Marrone Bio Innovations, Inc. (NASDAQ:MBII), a well-known provider of bio-based pest management and plant health products for the agriculture, turf, and ornamental and water treatment markets, announced Wednesday the company has entered into a settlement agreement with the U.S. Securities and Exchange Commission (SEC).
Pam Marrone
The agreement, announced by the company in a press release, fully resolves 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 led to the financial restatement completed by the company Nov. 10, 2015.
In agreeing to the settlement, the Marrone Bio Innovations 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.
In the press release, 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.
“We have determined that resolving this matter serves the best interests of the company and its stockholders,” said Dr. Pamela Marrone, the company’s CEO. “With this behind us, we can focus on our business going forward.”