Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed in the United States District Court for the Southern District
of Texas on behalf of a class (the “Class”) comprising all purchasers of
the securities of KiOR, Inc. (“KiOR” or the “Company”) (NASDAQ:KIOR)
between August 14, 2012 and August 7, 2013, inclusive (the “Class
Period”).
KiOR is a renewable fuels company that utilizes a proprietary
biomass-conversion fuel technology platform for the production and sale
of cellulosic gasoline and diesel. The Complaint alleges that defendants
issued false and/or misleading statements and/or failed to disclose
that: (1) the Company was not on track to produce commercially
meaningful quantities of biofuel at its Columbus, Mississippi, facility
in the amounts, or on the schedule, projected by management; (2) the
Company lacked adequate internal and financial controls over its
calculation and forecasting of production levels at the Columbus
facility; and (3) as a result of the foregoing, the Company’s statements
were materially false and misleading at all relevant times.
On August 8, 2013, KiOR announced that the Company had shipped only
75,000 gallons of fuel from the Columbus facility during the second
quarter. In addition, the Company reported revenue for the quarter of
only $240,000 -- approximately 12% of the $1.93 million average of five
analysts’ estimates compiled by Bloomberg. Following this news, KiOR
shares dropped from $4.76 per share on August 7, 2013, to $2.62 on
August 15, 2013.
No class has yet been certified in this action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased KiOR shares during the Class Period, you have certain
rights, and have until October 21, 2013 to move for lead plaintiff
status. To be a member of the Class you need not take any action at this
time; you may retain counsel of your choice or take no action and remain
an absent member of the Class. If you purchased KiOR shares prior to the
Class Period and have any questions concerning this Notice or your
rights or interests with respect to these matters, please contact Howard
G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847,
Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
Copyright Business Wire 2013