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
on behalf of investors who purchased KIT digital, Inc. ("KIT" or the "Company") (Nasdaq: KITD) stock between
November 8, 2011
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.
March 23, 2012
, the Company announced that four directors had resigned from the Board of Directors. The Company's CEO,
, 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
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
or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
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
SOURCE Levi & Korsinsky, LLP