Brower Piven Encourages Investors Who Have Losses in Excess of $150,000 From Investment in KIT digital, Inc. to Inquire About t
December 04 2012 - 12:59PM
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Southern District of New York on behalf of purchasers
of the common stock of KIT digital, Inc. ("Kit" or the "Company")
(Nasdaq:KITD) during the period between May 19, 2005 and November
21, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in KIT
digital, Inc. common stock during the Class Period, you may obtain
additional information about this lawsuit and your ability to
become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410/415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and class action cases of over 60 years.
No class has yet been certified in the above
action. Members of the Class will be represented by the lead
plaintiff and counsel chosen by the lead plaintiff. If you
wish to choose counsel to represent you and the Class, you must
apply to be appointed lead plaintiff no later than January 29, 2013
and be selected by the Court. The lead plaintiff will direct
the litigation and participate in important decisions including
whether to accept a settlement and how much of a settlement to
accept for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in the Company during the Class Period. You are not
required to have sold your shares to seek damages or to serve as a
Lead Plaintiff.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants'
failure to disclose during the Class Period that the Company's
financial statements were inaccurate because of a failure to
properly recognize revenue from software license agreements.
According to the complaint, following the Company's November 21,
2012 disclosure that it would restate its financial results for the
years ended December 31, 2009, 2010 and 2011 as well as the interim
results for those years, the value of Kit shares declined
significantly.
If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain
other counsel of your choice. You need take no action at this
time to be a member of the class.
CONTACT: Charles J. Piven / Brower Piven, A Professional Corporation
Stevenson, Maryland
410/415-6616
hoffman@browerpiven.com
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