Lead Plaintiff Houston Municipal Employees Pension System Announced
That It Is Preparing a Consolidated Class Action Complaint in the
KIT Digital, Inc. Securities Litigation
NEW YORK, Dec. 5, 2012 /PRNewswire/ -- Houston
Municipal Employees Pension System ("HMEPS"), the court-appointed
lead plaintiff acting on behalf of shareholders in the In re KIT
Digital, Inc. Securities Litigation, No. 1:12-cv-04199-VM,
announced today, through lead counsel Bernstein Liebhard LLP, that
it is preparing a consolidated class action complaint that expands
the class period in the action to include recently revealed facts
related to KIT Digital's financial accounting problems.
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KIT Digital (Nasdaq: KITD), a New
York-based video management software and services company,
and certain of its senior executives, are being charged with
artificially inflating the price of KIT Digital stock by issuing
materially false and misleading statements, in violation of the
federal securities laws.
The consolidated class action complaint will include allegations
arising from defendants' alleged false and misleading statements
concerning KIT Digital's business operations, financial condition,
revenue recognition, internal controls, financial accounting,
business integrations, and financial prospects. HMEPS seeks
to recover damages on behalf of all class members who purchased or
otherwise acquired KIT Digital securities from May 19, 2009 through November 21, 2012.
If you have any questions concerning the litigation, and/or have
information relating to the fraud alleged at KIT Digital, please
contact one of plaintiff's lead counsel, Laurence J. Hasson, at (212) 779-1414 or
lhasson@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. It
has been named to The National Law Journal's "Plaintiffs' Hot List"
in each of the last ten years.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(212) 779-1414
(877) 779-1414
www.bernlieb.com
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SOURCE Bernstein Liebhard LLP