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