Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against KiOR, Inc.

Rigrodsky & Long, P.A.:
  • Do you, or did you, own shares of KiOR, Inc. (NASDAQ GS: KIOR)?
  • Did you purchase your shares before August 14, 2012, or between August 14, 2012 and August 7, 2013, inclusive?
  • Did you lose money in your investment in KiOR, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Southern District of Texas on behalf of all persons or entities that purchased the common stock of KiOR, Inc. (“KiOR” or the “Company”) (NASDAQ GS: KIOR) between August 14, 2012 and August 7, 2013, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased shares of KiOR during the Class Period, or purchased shares prior to the Class Period and still hold KiOR, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to info@rl-legal.com, or at: http://www.rigrodskylong.com/investigations/kior-inc-kior.

KiOR is a next-generation renewable fuels company, producing cellulosic gasoline and diesel from abundant non-food biomass. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company was not on track to produce commercially meaningful quantities of biofuel at its Columbus, Mississippi facility in the amounts projected by management during the timeframes promised; (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. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.

According to the Complaint, the Company falsely reassured investors that it remained on track to achieve commercially meaningful biofuel production levels at the Columbus facility during the timeframes promised. Specifically, during the Company’s first quarter 2013 conference call on May 9, 2013, it was announced that the Company’s total fuel production during the second quarter of 2013 would range between 300,000 and 500,000 gallons, which would be in line with its projected production range of 3 million to 5 million gallons for 2013. However, on August 8, 2013, the Company disclosed to investors that it had only shipped 75,000 gallons of biofuel during the second quarter of 2013 – far below the range previously announced to investors.

On this news, shares in KiOR progressively dropped more than 44%, closing at $2.62 per share on August 15, 2013, from a close of $4.76 per share prior to the August 8, 2013 announcement.

If you wish to serve as lead plaintiff, you must move the Court no later than October 21, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

Copyright Business Wire 2010

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