NEW YORK, July 24, 2012 /PRNewswire/ -- 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.
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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. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq.30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171 www.zlk.com SOURCE Levi & Korsinsky, LLP