NEW YORK, May 31, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of KIT Digital, Inc. ("KIT Digital" or the "Company") (NASDAQ: KITD), concerning whether the board has breached its fiduciary duties to shareholders.
On March 23, 2012, KIT Digital announced that four of the Company's nine directors had resigned from the Board. On April 11, 2012, the Company's CEO, Kaliel Tuzman resigned as Chief Executive Officer ("CEO"). On May 3, 2012, the Wall Street Journal reported that: (i) the four departing directors had resigned due differences with management over certain Company policies, (ii) Tuzman had materially misrepresented the Company's financial condition, (iii) the Company had not been employing a sufficient number of accounting personnel, and (iv) that the Company's financial controls were materially deficient.
As a result of these revelations, the Company share price plunged from a high of over $12.50 per share in February 2012, to the current price of approximately $3.38 per share.Our investigation concerns whether the KIT Digital board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing. If you own KIT Digital shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact: Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin Sachs-Michaels, Esq.Harwood Feffer LLP488 Madison Avenue New York, New York 10022Phone Numbers: (877) 935-7400 (212)935-7400Email: firstname.lastname@example.org Website: http://www.hfesq.com Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm. Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
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