Milberg LLP announces that a class action lawsuit was filed 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 between November 8, 2011 through May 3, 2012, inclusive (the "Class Period").
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The complaint claims KIT Digital misled investors over the effectiveness of the integration of recently acquired companies. The lawsuit also claims that the company overstated its projected growth and profitability.
On May 3, 2012, KIT Digital announced that it had been operating below guidance, and that the success of the integration of its acquired assets had been overstated, and that the true cost of administering the acquisitions was understated. In reaction to the announcement, KIT Digital common stock fell 30.28% to close at $4.42 per share.
If you purchased KIT Digital shares during the Class Period you may, no later than July 25, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a class member that represents other class members in directing the litigation. Your share in any recovery will not be affected by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover. If this action is certified as a class action, class members will be automatically represented by Court-appointed counsel. The complaint in this action was not filed by Milberg.
Milberg LLP has represented individual and institutional investors for over four decades and serves as lead counsel in Courts throughout the United States. Visit the Milberg website (
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| Andrei Rado, Esq.
| Milberg LLP
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