A lawsuit was filed on behalf of investors in KiOR Inc (NASDAQ:KIOR) shares over alleged securities laws violations. Deadline: October 21,2013. NASDAQ:KIOR investors should contact the Shareholders Foundation at firstname.lastname@example.org
San Diego, CA -- (SBWIRE) -- 08/26/2013 -- An investor, who purchased shares of KiOR Inc (NASDAQ:KIOR), filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by KiOR Inc in connection with certain allegedly false and misleading statements made between August 14, 2012 and August 7, 2013.
Investors who purchased a significant amount of shares of KiOR Inc (NASDAQ:KIOR) between August 14, 2012 and August 7, 2013, and / or those who purchased NASDAQ:KIOR shares prior to August 2012 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: October 21, 2013. NASDAQ:KIOR investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges, on behalf of all persons or entities who purchased or otherwise acquired securities of KiOR Inc (NASDAQ:KIOR) between August 14, 2012 and August 7, 2013, that KiOR Inc and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff alleges that the defendants made false and/or misleading statements and/or failed to disclose that KiOR Inc was not on track to produce commercially meaningful quantities of biofuel at the Columbus facility in the amounts projected by management, that KiOR Inc lacked adequate internal and financial controls over its calculation and forecasting of production levels at the Columbus facility, and that as a result of the foregoing, KiOR Inc’s statements were materially false and misleading at all relevant times.
Shares of KiOR Inc (NASDAQ:KIOR) declined from $20.74 per share in September 2011 to as under $4 in April 2013.
On May 9, 2013, KiOR Inc reported its first quarter 2013 results. During a earnings call held on May 9, 2013, the Company’s CEO projected that total fuel production at the Columbus facility during the second quarter of 2013 would range between 300,000 and 500,000 gallons of fuel, thus keeping KiOR Inc on track to produce 3 million to 5 million gallons of fuel in 2013.
Then on August 8 2103, KiOR Inc reported its second quarter 2013 results. Among other things, KiOR Inn said that it shipped 75,000 gallons of fuel from the Columbus facility during the second quarter and that its second quarter 2103 revenue was $239,000.
Shares of KiOR Inc (NASDAQ:KIOR) declined from $4.92 per share on August 6, 2013, to as low as $2.35 per share on August 19, 2013.
On August 23, 2013, NASDAQ:KIOR shares closed at $2.61.
Those who purchased shares of KiOR Inc (NASDAQ:KIOR), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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