BOSTON, Nov. 30, 2012 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com) and Wolf Haldenstein Adler Freeman & Herz LLP ( www.whafh.com), announce that they have filed a class action lawsuit against KIT digital, Inc. (Nasdaq: KITD) ("KIT" or the "Company") and five of its current and former officers. The lawsuit, captioned Slattery v. KIT digital Inc. et al., 12-CV-8732, is pending in the United States District Court for the Southern District of New York.
The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, on behalf of investors who purchased or otherwise acquired KIT's common stock during the period May 19, 2009 through November 21, 2012 (the "Class Period").
The complaint asserts that Defendants, made false and misleading statements and omissions regarding the Company's internal financial controls and its accounting for revenue primarily relating to certain perpetual software license agreements. These statements are alleged to have been false and misleading when made because: (i) the Company was suffering from grossly deficient internal controls and therefore was susceptible to accounting fraud; (ii) Defendants failed to disclose the true nature of the accounting irregularities regarding their tax issues and loan provisions; and (iii) the Company's financial statements were inaccurate in numerous material respects.
If you are a member of the Class, you may, no later than January 29, 2013 , request that the court appoint you as Lead Plaintiff for the Class. You may contact the attorneys at Block & Leviton or Wolf Haldenstein to discuss your rights in the case. You may also retain counsel of your choice and you need not take any action at this time to be a class member. If you have any questions regarding your rights related to this action or have information relevant to the claims asserted in the complaint, please contact attorney Steven P. Harte of Block & Leviton, LLP at (617) 398-5600 or firstname.lastname@example.org or attorney Gregory Nespole of Wolf Haldenstein at (212) 545-4657 or Nespole@whafh.com.Contact: Steven P. Harte Steven@blockesq.com(617) 398-5600 Gregory Nespole Nespole@whafh.com(212) 545-4657 SOURCE Block & Leviton LLP