NEW YORK, Aug. 20, 2013 /PRNewswire/ -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against Kior, Inc. ("Kior" or the "Company") (NASDAQ: KIOR) and certain of its officers. The class action, filed in United States District Court, Southern District of Texas, and docketed under 13-cv-2443, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Kior between August 14, 2012 and August 7, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Kior securities during the Class Period, you have until October 21, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Kior is a renewable biofuels manufacturer that has developed a proprietary technology platform to convert cellulose and other plant-derived materials into renewable crude oil that is processed into gasoline, diesel and other fuels. In 2012, the Company completed its first commercial scale biofuel facility in Columbus, Mississippi.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made 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 the Columbus facility in the amounts 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, the Company disclosed to investors that it had only shipped 75,000 gallons of biofuel during the second quarter of 2013 – far below the 300,000-500,000 gallons Defendant Cannon had promised investors less than three months before. On this news, Kior shares fell $2.12 per share or over 44%, over the course of 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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
SOURCE Pomerantz Grossman Hufford Dahlstrom & Gross LLP