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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess of $100,000 Investing In KIT digital, Inc. To Contact The Firm

NEW YORK, Dec. 7, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at KIT digital, Inc. ("KIT digital" or the "Company") (NasdaqGS: KITD).

(Logo:  http://photos.prnewswire.com/prnh/20120119/MM38856LOGO )

The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that they had been filing false financial statements with the U.S. Securities and Exchange Commission ("SEC").

On November 21, 2012, KIT digital filed a Form 8-K with the SEC admitting to serious errors in the Company's historical financial statements, relating primarily to the recognition of revenue from software license agreements. As a result of those inaccuracies, the Company stated that "the financial statements for (1) the years ended December 31, 2009, 2010 and 2011 and (2) each of the three quarters in 2009, 2010 and 2011 will be restated. As a result of the restatement of these prior periods, the Company will also restate the quarters ended March 31, 2012 and June 30, 2012[,]. . . will not timely file its Quarterly Report on Form 10-Q for the three months ended September 30, 2012 and will not issue an earnings release or host an earnings conference call."

Request more information now by clicking here:  www.faruqilaw.com/KITD. There is no cost or obligation to you.

Take Action

If you purchased KIT digital stock or options between May 19, 2009 and November 21, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/KITD.  You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com or fmcconville@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding KIT digital's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising.  The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).  Prior results do not guarantee or predict a similar outcome with respect to any future matter.  We welcome the opportunity to discuss your particular case.  All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

 

SOURCE Faruqi & Faruqi, LLP

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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