NASDAQ required Marrone to submit filing plan

Date:11-26-2014

The US biopesticide company Marrone Bio Innovations Inc. recently announced it has been put on notice by Nasdaq over the delay in releasing its third-quarter financial results.

The company said Nasdaq has notified it that it no longer complies with the stock exchange’s listing requirements because of the delay. However, Marrone Bio has 60 days to submit a plan for remedying the problem.

Marrone Bio said that it is delaying release of its quarterly results because of a previously announced internal investigation into the reporting of its results for the fourth quarter of 2013. The probe, announced in September, focuses on $870,000 worth of revenue, or about 15 percent of its total revenue for the quarter.

In announcing the letter from Nasdaq, the company said it “continues to work diligently to complete its internal investigation” and intends to get back into Nasdaq compliance. The company, however, said it couldn’t estimate how soon it would release its third-quarter results.”