KIOR INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigat
KIOR INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates KiOR, Inc. Following Disclosure that Biofuel Shipments Missed Forecast
NEW ORLEANS--(BUSINESS WIRE)-- Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq. a partner at the law firm of Kahn Swick & Foti, LLC ("KSF") announces that KSF has commenced an investigation into KiOR, Inc. (NAS: KIOR) .
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.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis Kahn (firstname.lastname@example.org) or KSF Partner Melinda Nicholson (email@example.com) toll free at 1-877-515-1850.
About Kahn Swick & Foti, LLC
KSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders.
To learn more about KSF, you may visit www.ksfcounsel.com.
KEYWORDS: United States North America Louisiana
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