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.
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 firstname.lastname@example.org.
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.
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