LOS ANGELES, June 4, 2012 /PRNewswire/ -- The Lin Law Firm, A Professional Law Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased securities of KIT digital, Inc. ("KIT" or the "Company") (Nasdaq: KITD) between November 8, 2011 and May 3, 2012 ("Class Period"). Investors who purchased KIT securities during this period and suffered a loss have until July 25, 2012, to request appointment by the Court as lead plaintiff.
KIT is a provider of end-to-end video management software and services. According to the Complaint, under the direction of Chairman and CEO Kaliel Tuzman, KIT acquired more than a dozen companies. As a result of the purported successful integration of the acquired assets and the purported ability to control integration costs, KIT reported positive financial results and made positive projections during the Class Period. On May 3, 2012, however, investors learned that KIT was operating far below expectations, that Defendants overstated KIT's successful integration of purchased assets, and that the costs of acquisitions and the administration of acquired assets were underreported. Following this news, KIT's stock price fell 30%, to $4.42 per share on May 3, 2012.
If you purchased KIT securities during the Class Period and suffered a loss, you have until July 25, 2012 to request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in the litigation. Your ability to share in any recovery does not require that you serve as a lead plaintiff. You may retain The Lin Law Firm, or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss these matters or have any questions concerning this announcement or your rights, please contact Elizabeth Lin, Esq., The Lin Law Firm, toll-free at (866) 864-3898, or by email to [email protected].
The Lin Law Firm is a litigation law firm committed to representing investors nationwide in securities matters and protecting investors against corporate wrongdoing. For additional information, please visit www.thelinlawfirm.com.
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SOURCE The Lin Law Firm, A Professional Law Corporation