Business & Real Estate

Troubled Marrone Bio delays release of quarterly financial results

Marrone Bio Innovations Inc., struggling with an internal investigation into its financial reporting, said Friday it’s delaying indefinitely the release of its third quarter results.

The announcement, disclosed in a Securities and Exchange Commission filing, is the latest sign of trouble at the Davis biotech company.

In September, the maker of eco-friendly pesticides said it had begun an in-house probe of its finances after discovering documents “calling into question” the reporting of $870,000 in revenue during the fourth quarter of 2013. The company also said the reported results of the first two quarters of 2014 “should no longer be relied upon.”

That disclosure, coupled with a previously-reported decline in sales, sent Marrone Bio’s stock price plummeting and prompted several class-action shareholder lawsuits. The company laid off 23 percent of its employees in early October.

Marrone Bio ordinarily would have announced its the third quarter results by now. The company said it has no estimate of when it will release those numbers.

The company’s shares closed Friday at $2.84, down 4 cents, on the Nasdaq market. The delay was announced after the market closed.

Call The Bee’s Dale Kasler, (916) 321-1066. Follow him on Twitter @dakasler.

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