Law Offices of Howard G. Smith announces that it is investigating potential claims on behalf of purchasers of the common stock of KiOR, Inc. (“KiOR” or the “Company”) (NASDAQ:KIOR) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by KiOR between May 9, 2013 and August 7, 2013 concerning its financial prospects.
KiOR is a renewable fuels company that utilizes a proprietary biomass-conversion fuel technology platform for the production and sale of cellulosic gasoline and diesel. On May 9, 2013, KiOR’s chief executive officer, Fred Cannon, projected the Company’s Columbus, Mississippi facility would produce between 300,000 and 500,000 gallons of fuel during the second quarter of 2013, in line with the Company’s estimate it would produce between 3 million and 5 million gallons of fuel in 2013.
On August 8, 2013, the Company announced that KiOR had shipped only 75,000 gallons of fuel from the Columbus facility during the second quarter. In addition, the Company reported revenue for the quarter of only $240,000 -- approximately 12% of the $1.93 million average of five analysts’ estimates compiled by Bloomberg. Following this news, KiOR shares dropped from $4.76 per share on August 7, 2013 to $2.62 on August 15, 2013.
If you purchased KiOR shares, if you have information or would like to learn more about these claims, if you purchased KiOR shares prior to May 9, 2013 and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020; by telephone at (215) 638-4847, Toll Free at (888) 638-4847; or by email to firstname.lastname@example.org; or visit our website at www.howardsmithlaw.com.
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