Gainey & McKenna Announces a Securities Fraud Class Action -- KITD
December 06 2012 - 7:00PM
Gainey & McKenna announces that a class action lawsuit has been
filed in the United States District Court for the Southern District
of New York on behalf of investors who acquired KIT digital, Inc.
("KIT digital" or the "Company") (Nasdaq:KITD) securities between
May 19, 2009 and November 21, 2012, inclusive, (the "Class
Period"), alleging violations of the Securities Act of 1934 against
the Company, certain of its officers and directors (the
"Complaint").
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business operations, financial condition
and prospects. Specifically, the Complaint alleges that Defendants
prepared and filed erroneous financial statements with the U.S.
Securities and Exchange Commission ("SEC") during the Class Period.
As a result of Defendants' false and misleading statements, the
Company's stock traded at artificially inflated prices during the
Class Period.
According to the Complaint, on November 21, 2012, the Company
filed a Form 8-K with the SEC noting that errors and irregularities
in its historical financial statements, primarily relating to
recognition of revenue from software license agreements, had come
to the Company's attention. As a result of those errors and
irregularities, 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."
If you wish to serve as lead plaintiff, you must move the Court
no later than January 29, 2013. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. If you wish to join the litigation, or to
discuss your rights or interests regarding this class action,
please contact Thomas J. McKenna, Esq. of Gainey & McKenna at
(212) 983-1300, or via e-mail at
tjmckenna@gaineyandmckenna.com.
While Gainey & McKenna did not file the Complaint in this
matter, the firm, with offices in New York and New Jersey,
regularly prosecutes cases on behalf of shareholders in state and
federal courts throughout the United States.
CONTACT: Gainey & McKenna
Thomas J. McKenna, Esq.
(212) 983-1300
tjmckenna@gaineyandmckenna.com
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