NEW YORK, Dec. 3, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of KIT Digital, Inc. ("KIT Digital" or the "Company") (NASDAQ: KITD), concerning whether the board has breached its fiduciary duties to shareholders.
On November 21, 2012, KIT Digital filed a press release announcing that it had encountered errors and irregularities in its financial statements. As a result, the Company will be required to restate its financial statements for each of the first three quarters and full years in 2009, 2010, and 2011, and for the first two quarters of 2012.
Due to these and other accounting-related revelations, the Company share price plunged from a high of over $12.50 per share in February 2012, to the current price of approximately $0.77 per share.
Our investigation concerns whether the KIT Digital board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own KIT Digital shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Matthew M. Houston, Esq.
Benjamin Sachs-Michaels, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP