Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against KIT Digital, Inc.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the securities of KIT digital, Inc. (“KIT digital” or the “Company”) (NASDAQ GS: KITD) between November 8, 2011 and May 3, 2012, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers and directors (the “Complaint”).
If you purchased shares of KIT digital during the Class Period, or purchased shares prior to the Class Period and still hold KIT digital stock, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at (888) 969-4242, by e-mail to email@example.com, or at: http://www.rigrodskylong.com/investigations/kit-digital-inc-kitd.
KIT digital, a Delaware corporation headquartered in New York, New York, provides software solutions through its operating subsidiaries that enables its customers to manage and distribute video content through Internet websites, mobile and tablet devices, and both closed network Internet Protocol television (“IPTV”) and over-the-top (“OTT”) connected television environments. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. Specifically, the Complaint alleges that defendants misrepresented and omitted material facts concerning the overstated success of the Company’s integration of purchased assets, underreported costs of those acquisitions and the administration of those acquired assets. As a result of defendants’ false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on November 9, 2011, the Company issued a press release which announced its financial results for the third quarter of 2011, the period ending September 30, 2011. The release touted “record” results for the Company including a 29% increase in revenue from the previous quarter, and a 124% increase from the same quarter one year prior. Further, the Company expected revenue in the fourth quarter of 2011 to increase 8% from the previous quarter, and 74% from the same quarter one year prior. Lastly, the Company expressed an upward revision bias to its previous stated 2012 revenue guidance.
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