KiOR, Inc. Sued by Investor
SAN DIEGO and PASADENA, Texas, Aug. 26, 2013
SAN DIEGO andPASADENA, Texas, Aug. 26, 2013 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP announce that an investor of KiOR, Inc.
(NASDAQ: KIOR) ("KiOR") has filed a complaint in the U.S. District Court for
the Southern District of Texas. The complaint alleges that the company and
certain of its officers and directors violated the Securities Exchange Act of
1934 between August 14, 2012 and August 7, 2013 (the "Class Period"). KiOR is
a renewable fuels company engaged in the production and sale of cellulosic
gasoline and diesel from non-food biomass.
KiOR Accused of Making False and Misleading Statements
According to the complaint, KiOR made false and/or misleading statements
regarding the company's business operations and prospects. Specifically, the
complaint alleges that, throughout the Class Period, the company and certain
of its officers and directors made false and misleading statements regarding
the timing of projected production levels of biofuels at the company's
Columbus, Mississippi facility. Further, the complaint alleges that, despite
numerous setbacks and missed production targets, KiOR continued to reassure
investors that the company remained on schedule to produce commercially
meaningful levels of biofuel. As a result of these false and misleading
statements and omissions, KiOR shares traded at artificially inflated prices
during the Class Period.
KiOR Stock Price Drops on Failure to Attain Biofuel Production Goals
On August 8, 2013, according to the complaint, KiOR revealed that for the
second quarter 2013, the company had only shipped 75,000 gallons of biofuel,
substantially below the target of 300,000 - 500,000 gallons promised to
investors in May 2013. On this news, KiOR shares fell $2.12 per share, or
44%, during the next six trading sessions, from a close of $4.76 per share on
August 7, 2013, to a close of $2.62 per share on August 15, 2013.
If you invested in KiOR and would like to discuss your shareholder rights,
please contact attorney Darnell R. Donahue at (800) 350-6003,
firstname.lastname@example.org, or via the shareholder information form on the
Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please
go to http://www.robbinsarroyo.com.
Press release link:
Attorney Advertising.Past results do not guarantee a similar outcome.
Darnell R. Donahue
Robbins Arroyo LLP
(619) 525-3990 or Toll Free at (800) 350-6003
SOURCE Robbins Arroyo LLP
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