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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) KIT was not achieving its projected growth in earnings and revenues; (2) KIT's integration with acquired companies was overstated; (3) KIT had materially overstated its foreseeable growth and profitability, and had falsely stated that the Company was poised to achieve significant financial success; and (4) KIT's internal controls were deficient.
May 3, 2012, investors learned that KIT was operating far below guidance, that the integration and administration of the Company's purchased assets had been overstated, and that the true costs of integrating and administering these acquisitions had been understated. Also on
May 3, 2012, the
Wall Street Journal published a critical report on KIT that concluded
Kaliel Tuzman, the former CEO and board Chairman who unexpectedly resigned in
April 2012, had "left a mess" at the Company. The
Journal reported that KIT's new CEO would not endorse prior guidance.
Based on the disparity between prior guidance and KIT's announced results for the first quarter 2012, the Company's shares declined precipitously – falling to an intra-day low of
$4.12 per share on
May 3, 2012 – compared to the prior day's close of
$6.34 per share.
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www.faruqilaw.com/KITDTake ActionIf you purchased KIT securities between
November 8, 2011 and
May 3, 2012 and would like to discuss your legal rights, visit
www.faruqilaw.com/KITD. You can also contact us by calling
Richard Gonnello or
Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to
firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding KIT's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP369 Lexington Avenue, 10th Floor
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