Ryan & Maniskas, LLP (
) announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Kit digital, Inc. (NASDAQ: KITD) (“Kit digital” or the “Company”) common stock during the period from November 8, 2011 through May 3, 2011 (“Class Period”). The Class Period could potentially be expanded to include purchasers of the Company’s common stock since September 9, 2009 including purchasers of Kit digital’s common stock pursuant and traceable to the Company’s secondary offerings occurring on January 21, 2010, March 4, 2010, April 22, 2010, November 19, 2010 and September 15, 2011.
For more information regarding this class action suit, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at
The complaint charges Kit digital and certain of its officers and directors with violations of the federal securities laws.
On or about May 3, 2012, the
Wall Street Journal
published a critical article about the Company entitled “Investors Need First Aid KIT.” The article stated that Kit digital’s new CEO would likely have to backtrack on previous financial projections made by the former CEO and that the Company failed to properly integrate acquisitions or put the necessary corporate structure in place to handle growth. Additionally, in its latest annual financing filing, Kit digital’s auditor disclosed that the Company lacked sufficient accounting personnel to review transactions citing a material weakness in internal controls.
The complaint alleges, that during the Class Period, Kit digital had no reasonable basis for its financial projections, was not effectively integrating purchased companies contrary to statements otherwise and lacked adequate internal controls.
If you are a member of the class, you may, no later than July 24, 2012, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.