Harwood Feffer LLP Announces Investigation of KIT Digital, Inc.
NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Harwood Feffer
LLP (www.hfesq.com) is investigating potential claims against the
board of directors of KIT Digital, Inc. ("KIT Digital" or the
"Company") (NASDAQ: KITD), concerning whether the board has
breached its fiduciary duties to shareholders.
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On November 21, 2012, KIT Digital
filed a press release announcing that it had encountered errors and
irregularities in its financial statements. As a result, the
Company will be required to restate its financial statements for
each of the first three quarters and full years in 2009, 2010, and
2011, and for the first two quarters of 2012.
Due to these and other accounting-related revelations, the
Company share price plunged from a high of over $12.50 per share in February 2012, to the current price of
approximately $0.77 per
share.
Our investigation concerns whether the KIT Digital board of
directors has breached its fiduciary duties to shareholders,
grossly mismanaged the Company, and/or committed abuses of control
in connection with the foregoing.
If you own KIT Digital shares and wish to discuss this matter
with us, or have any questions concerning your rights and interests
with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
(212)935-7400
Email:
bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Harwood Feffer has been
representing individual and institutional investors for many years,
serving as lead counsel in numerous cases in federal and state
courts. Please visit the Harwood Feffer LLP website
(http://www.hfesq.com) for more information about the firm.
Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP