Law Offices of Howard G. Smith Announces Class Action Lawsuit Against KiOR, Inc.
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against KiOR, Inc. Business Wire BENSALEM, Pa. -- September 4, 2013 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com. Contact: Law Offices of Howard G. Smith Howard G. Smith, Esquire (215) 638-4847 (888) 638-4847 email@example.com www.howardsmithlaw.com