SHAREHOLDER ALERT: The Law Firm Of Levi & Korsinsky Notifies Investors With Losses On Their Investment In KIT Digital, Inc. Of Class Action Lawsuit And The Deadline Of July 25, 2012 To Seek A Lead Plaintiff Position
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased KIT digital, Inc. (“KIT” or the “Company”) (Nasdaq: KITD) stock between November 8, 2011 and May 3, 2012.
For more information, click here: http://zlk.9nl.com/kit-digital . There is no cost or obligation to you.
The complaint alleges that, during the Class Period, defendants made materially false and misleading statements regarding the Company’s business operations, financial condition and prospects. In particular, the complaint alleges that the Company overstated its success while underreporting the cost of asset acquisitions. The complaint further alleges that the Company lacked adequate internal controls.
On March 23, 2012, the Company announced that four directors had resigned from the Board of Directors. The Company’s CEO, Kaliel Tuzman, also announced he would resign from his position but remain Board Chairman. On April 16, 2012, however, Tuzman resigned as Board Chairman. Then on May 3, 2012, the Company announced its preliminary reports for the first quarter of 2012, indicating a quarterly operating loss of $8 million and acknowledging that KIT’s guidance was unreasonable. Upon this news, KIT stock fell 30% on heavy trading volume.If you suffered a loss in KIT you have until July 25, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/kit-digital. Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV