Former Louisiana AG investigating KiOR for securities violations

In Louisiana, Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. a partner at the law firm of Kahn Swick & Foti, LLC announced that KSF has commenced an investigation into KiOR, Inc. During KiOR’s first quarter 2013 earnings call on May 9, 2013, the Company’s CEO, Fred Cannon, projected that total fuel production during the second quarter of 2013 at the Company’s Columbus, Mississippi facility would range between 300,000 and 500,000 gallons of fuel, which would keep KiOR on track to produce 3 to 5 million gallons of fuel in 2013.

Then, on August 8, 2013, KiOR disclosed that it had only shipped 75,000 gallons of fuel from the Columbia facility during the second quarter. As a result, KiOR announced revenue of only $240,000 for the quarter, approximately 12% of the $1.93 million average of five analysts’ estimates compiled by Bloomberg. On this news, KiOR shares have fallen drastically—from $4.76 per share on August 7, 2013 to $2.62 on August 15, 2013. KSF’s investigation is focusing on whether KiOR and/or its officers and directors violated state or federal securities laws.