Business & Real Estate

Nasdaq puts Davis biotech firm Marrone on notice

Marrone Bio Innovations Inc. said Friday it has been put on notice by Nasdaq over the delay in releasing its third-quarter financial results.

The Davis biotech firm 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.

If the company loses its Nasdaq listing, it could get its stock traded on a less prominent venue.

Marrone Bio said a week ago 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. The disclosure caused Marrone Bio’s stock price to sink and prompted the filing of several shareholder lawsuits.

Marrone Bio, a maker of eco-friendly pesticides, laid off 23 percent of its employees in October to conserve cash.

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.

The Nasdaq letter was disclosed after the stock market closed Friday. The company’s shares closed the day unchanged at $2.64.

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