Marrone Bio Innovations enters into a settlement agreement with the United States Securities and Exchange Commission 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.
The news comes a week after Monsanto announced that it, too, had settled with the SEC over alleged violations of the Securities Act.
In agreeing to the settlement, Marrone Bio Innovations neither admits nor denies the SEC’s allegations that it 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 CEO, said: “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.”
