Block & Leviton LLP and Wolf Haldenstein Adler Freeman &
Herz LLP file a securities class action lawsuit against KIT
digital, Inc. and certain of its officers and directors
BOSTON, Nov. 30, 2012 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com) and Wolf
Haldenstein Adler Freeman & Herz LLP (www.whafh.com),
announce that they have filed a class action lawsuit against KIT
digital, Inc. (Nasdaq: KITD) ("KIT" or the "Company") and five of
its current and former officers. The lawsuit, captioned
Slattery v. KIT digital Inc. et al., 12-CV-8732, is pending
in the United States District Court for the Southern District of
New York.
The lawsuit alleges violations of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934, and Rule 10b-5 promulgated
thereunder, on behalf of investors who purchased or otherwise
acquired KIT's common stock during the period May 19, 2009 through November 21, 2012
(the "Class Period").
The complaint asserts that Defendants, made false and misleading
statements and omissions regarding the Company's internal financial
controls and its accounting for revenue primarily relating to
certain perpetual software license agreements. These
statements are alleged to have been false and misleading when made
because: (i) the Company was suffering from grossly deficient
internal controls and therefore was susceptible to accounting
fraud; (ii) Defendants failed to disclose the true nature of the
accounting irregularities regarding their tax issues and loan
provisions; and (iii) the Company's financial statements were
inaccurate in numerous material respects.
If you are a member of the Class, you may, no later than
January 29, 2013, request that the
court appoint you as Lead Plaintiff for the Class. You may
contact the attorneys at Block & Leviton or Wolf Haldenstein to discuss your rights in the
case. You may also retain counsel of your choice and you need
not take any action at this time to be a class member. If you
have any questions regarding your rights related to this action or
have information relevant to the claims asserted in the complaint,
please contact attorney Steven P.
Harte of Block & Leviton, LLP at (617) 398-5600 or
steven@blockesq.com or attorney Gregory
Nespole of Wolf Haldenstein
at (212) 545-4657 or Nespole@whafh.com.
Contact:
Steven P. Harte
Steven@blockesq.com
(617) 398-5600
Gregory Nespole
Nespole@whafh.com
(212) 545-4657
SOURCE Block & Leviton LLP