Case Page

 

Case Status:    ONGOING    
On or around 01/05/2015 (Ongoing date of last review)

Filing Date: August 20, 2013

According to the law firm press release, 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.

On November 25, 2013, the Court issued an Order appointing lead plaintiffs and approving the selection of lead counsel.

An amended complaint was filed on January 27, 2014.

A second amended complaint was filed on May 27, 2014.

Pursuant to a bankruptcy filing of the issuer defendant, this case was ordered stayed on January 5, 2015.

COMPANY INFORMATION:

Sector: Energy
Industry: Alternative Energy
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: KIOR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. Texas
DOCKET #: 13-CV-02443
JUDGE: Hon. Lee H Rosenthal
DATE FILED: 08/20/2013
CLASS PERIOD START: 08/14/2012
CLASS PERIOD END: 08/07/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Watkins, Nichols, Sorrels, Agosto & Friend
    800 Commerce Street, Abraham, Watkins, Nichols, Sorrels, Agosto & Friend, TX 77002
    713-222-7211 713-225-0827 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Wohl & Fruchter LLP
    570 Lexington Avenue, 16th Floor, Wohl & Fruchter LLP, NY 10022
    212.758.4000 212.758.4000 ·
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 13-CV-02443
JUDGE: Hon. Lee H Rosenthal
DATE FILED: 05/27/2014
CLASS PERIOD START: 11/08/2012
CLASS PERIOD END: 03/17/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gascoyne Bullion PC
    77 Sugar Creek Center Blvd , Gascoyne Bullion PC , TX 77478
    281-340-7000 281-340-7001 ·
  2. Levi & Korsinsky LLP (DC)
    1101 30th Street, NW; Suite 115, Levi & Korsinsky LLP (DC), DC 20007
    ·
  3. The Rosen Law Firm P.A. (New York)
    275 Madison Avenue, 34th Floor, The Rosen Law Firm P.A. (New York), NY 10016
    (212) 686-1060 (212) 202-3827 ·
No Document Title Filing Date