This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Berman DeValerio Files Securities Class Action Lawsuit Against KIT Digital, Inc.

The law firm of Berman DeValerio has filed a securities class action lawsuit against KIT digital, Inc. (NASDAQ: KITD)(“KIT digital” or the “Company”) and certain of its officers (collectively, with KIT digital, the “Defendants”). KIT digital is a global provider of on-demand Internet Protocol-based video asset management systems.

The lawsuit alleges violations of United States securities laws on behalf of purchasers of KIT digital common stock between May 19, 2009 and November 21, 2012 (the “Class Period”). The complaint was filed Dec. 18, 2012 in the United States District Court for the Southern District of New York, as Hughes v. KIT digital et al., 12-civ-9210 (S.D.N.Y.).

That same day, the Company announced that it had dismissed its independent auditor, Grant Thornton LLP, and that its stock would be delisted from the NASDAQ Stock Market effective Dec. 21, 2012. To receive a copy of the complaint, please call Berman DeValerio at (800) 516-9926 or click here.

Pursuant to the Private Securities Litigation Reform Act of 1995, investors wishing to serve as the lead plaintiff in the case must file a motion for appointment with the court no later than January 29, 2013.

The lawsuit alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t(a), and Rule 10b-5 promulgated thereunder by the United States Securities Exchange Commission on behalf of Class Period investors.

According to the lawsuit, the Defendants made material false and misleading statements and failed to disclose material facts about KIT digital’s business. Specifically, the lawsuit alleges that the Defendants made false and misleading statements and/or failed to disclose (1) that there were irregularities with the Company’s accounting relating, in part, to revenue recognition for certain license agreements; (2) that the Company’s financial statements were not prepared in accordance with Generally Accepted Accounting Principles; (3) that the Company’s internal controls were deficient and incapable of producing adequate financial reporting, as was revealed later in the Class Period; and (4) as a result of the above, the Company’s financial statements were materially false and misleading at all relevant times.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs