NEW YORK, Dec. 7, 2012 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at KIT digital, Inc. ("KIT digital" or the "Company") (NasdaqGS: KITD).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that they had been filing false financial statements with the U.S. Securities and Exchange Commission ("SEC").
On November 21, 2012, KIT digital filed a Form 8-K with the SEC admitting to serious errors in the Company's historical financial statements, relating primarily to the recognition of revenue from software license agreements. As a result of those inaccuracies, 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."
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If you purchased KIT digital stock or options between May 19, 2009 and November 21, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/KITD. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding KIT digital's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Francis McConville, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
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