The maker of eco-friendly pesticides, widely regarded as one of the
The news sent Marrone Bio's stock reeling. The share price fell to
In a short press release, the company said its audit committee of the Board of Directors launched an in-house investigation "after management learned of documents calling into question the recognition of revenue in the fourth quarter of 2013 for an
Marrone gave no additional details. Company founder and Chief Executive
In the fourth quarter of last year, the company reported a loss of
The company has been consistently unprofitable because of the costs typically associated with a tech startup that has to obtain regulatory approvals for its products. However, investors were disappointed with the second quarter results. Revenue fell because bad weather cut into demand by farmers.
Marrone sold stock to the public a little more than one year ago. The company was founded in 2006.
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