NEW YORK, Oct. 1, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Southern District of Texas on behalf of investors who purchased KiOR, Inc. ("Kior" or the "Company") (Nasdaq:KIOR) securities between August 14, 2012 and August 7, 2013.
For more information, click here: http://zlk.9nl.com/kior-inc-kior/.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (a) the Company was not on track to produce commercially meaningful quantities of biofuel at its Columbus facility in the amounts projected by management; (b) the Company lacked adequate internal and financial controls over its calculation and forecasting of production levels at said facility; and (c) 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 it had only shipped 75,000 gallons of fuel from this facility during the second quarter. The Company also announced a net loss of $38.5 million for the second quarter, compared to a loss of $31.3 million for the first quarter of the year. Upon this news, shares of KiOR fell from a close of $4.72 per share on August 7, 2013 to a close of $3.67 on August 12, 2013.
If you suffered a loss in KiOR you have until October 21, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/kior-inc-kior/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP