Defendant Name:
Marrone Bio Innovations
Defendant Type:
Public Company
Document Reference:
2016-32
Document Details
Legal Case Name
SEC v. Marrone Bio Innovations, Inc.
Document Name
SEC Charges Biopesticide Company and Former Executive With Accounting Fraud
Document Date
17-Feb-2016
Document Format
Civil Proceeding
Case Number
16-cv-00321
Federal District Court
California, Eastern District of California
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On February 17, 2016, the SEC announced that it "charged biopesticide company Marrone Bio Innovations and a former executive with inflating financial results to meet projections it would double revenues in its first year as a public company." The SEC noted that the U.S. Attorney's Office for the Eastern District of California announced criminal charges on the same day against Marrone Bio's former chief operating officer Hector M. Absi Jr. for his role in Marrone Bio's violations. The SEC also noted: "As required by Section 304(a) of the Sarbanes-Oxley Act, Marrone Bio CEO Pamela G. Marrone has reimbursed the company $15,234 and former CFO Donald J. Glidewell will reimburse the company $11,789 for incentive-based compensation they received following the filing of Marrone Bio's misstated financial statements. They weren't charged with any misconduct."
Disgorgement & Penalty Information
Resolutions
None Specified