"admin/reports/status" says: "You need to download the Colorbox plugin and extract the entire contents of the archive into the sites/all/libraries directory on your server."
It is in "sites/all/libraries/colorbox", but it seams it should be in "sites/all/libraries/colorbox/colorbox" (colorbox twice) as per #1074474: Not recognising Colorbox plugin - Must change version validation procedure.
We should also apply the patch from #1890116: hook_libraris_info() need update refer to latest Colorbox plugins comment # 1:
https://drupal.org/node/1890116#comment-6945668
https://drupal.org/files/patch-colorbox-1_3_21.patch
Comments
Comment #1
j0nathan CreditAttribution: j0nathan commentedhttp://drupalcode.org/project/kplatforms.git/commit/2feada5
Comment #3
j0nathan CreditAttribution: j0nathan commentedAlso related: #1901374: Colorbox library download URL