Marrone Bio Settles Class Action: Announcement
Marrone Bio settles class action; time to move on. Marrone Bio Innovations, Inc. (the “Company”) (NASDAQ:MBII, $MBII), a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental and water treatment markets, recently announced the Company and other defendants, including certain of the Company’s current and former officers and directors, have reached an agreement to settle the private securities class action litigation consolidated in the U.S. District Court for the Eastern District of California on February 13, 2015 as Special Situations Fund III QP, L.P. et al v. Marrone Bio Innovations, Inc. et al, Case No 2:14-cv-02571-MCE-KJN.
The agreement is subject to review and approval by the court after notice and an opportunity to object are provided to the plaintiff class. The settlement agreement contains no admission or concession of wrongdoing or liability by the Company or any other defendant and includes a full release of claims. The agreement provides for a settlement payment to the class of $12,000,000, which will be paid by insurance carriers. Accordingly, the settlement of these lawsuits will have no adverse impact on the Company’s financial position or operations. Continue Reading →