NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of KiOR, Inc. (KiOR) (NASDAQ: KIOR).
KiOR is a renewable fuels company 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. The Company built the first commercial scale cellulosic fuel facility in Columbus, Mississippi.
On KiOR’s first quarter 2013 earnings call held on May 9, 2013, the Company’s CEO, Fred Cannon, projected that total fuel production at the Columbus facility during the second quarter of 2013 would range between 300,000 and 500,000 gallons of fuel, thus keeping the Company on track to produce 3 million to 5 million gallons of fuel in 2013.
Then, on August 8, 2013, KiOR announced that it had only shipped 75,000 gallons of fuel from the Columbus facility during the second quarter. As a result, revenue in the quarter was only $239,000, about 12 percent of the $1.93 million average of five analysts’ estimates compiled by Bloomberg.
On the above news, KIOR shares have dropped over 40% since closing at $4.76/share on August 7, 2013.
Persons with relevant information, and KIOR shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/kior.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
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