MBI announces resolution of SEC investigation

The US biopesticide company Marrone Bio Innovations, Inc. recently 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."