San Diego, CA -- (SBWIRE) -- 07/17/2012 -- A deadline is coming up on July 30, 2012 in the lawsuit filed for investors of KIT digital, Inc. (NASDAQ:KITD) over alleged securities laws violations by KIT digital, Inc.
Investors with a substantial investment in KIT digital, Inc. (NASDAQ:KITD) shares between November 8, 2011 and May 3, 2012, should get active before the Deadline that is coming up on July 30, 2012, and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges on behalf of purchasers of KIT digital, Inc. (NASDAQ:KITD) securities between November 8, 2011 and May 3, 2012, that KIT digital, Inc. and certain of its senior executives violated the Securities Exchange Act of 1934 by issuing a series of materially allegedly false and misleading statements between November 8, 2011 and May 3, 2012.
On March 23, 2012 KIT digital, Inc said that its Chief Executive Officer, Kaleil Isaza Tuzman, will step down from his role as Chief Executive Officer and that the company has accepted the resignations of four board members.
On March 30, 2012 KIT digital, Inc. disclosed that it had a material weakness in internal control over financial reporting in the past. KIT digital, Inc said its failure to implement and maintain effective internal control over financial reporting could result in material misstatements in its financial statements which could require it to restate financial statements, cause investors to lose confidence in its reported financial information and have a negative effect on its stock price.
On Apr 16, 2012 KIT digital, Inc. (NASDAQ: KITD) announced its board of directors has also accepted the resignation of non-executive Chairman Kaleil Isaza Tuzman.
Then on May 3, 2012, KIT digital, Inc. (NASDAQ: KITD) announced its preliminary first quarter 2012 results. The very same day, a critical report was published that concluded that the former CEO and board Chairman who unexpectedly resigned in April 2012, had "left a mess" at KIT digital, Inc.
NASDAQ:KITD shares fell from over $12.50 in February 2012 to under $2.82 in June 2012.
On July 16, 2012, NASDAQ:KITD shares closed at $4.19 per share.
Those who purchased shares of KIT digital, Inc. (NASDAQ:KITD) between November 8, 2011 and May 3, 2012 , have certain options and there are strict and short deadlines running. Deadline: July 30, 2012. NASDAQ:KITD investors should contact the Shareholders Foundation..
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego