San Diego, CA -- (SBWIRE) -- 06/27/2012 -- Certain directors and officers of KIT digital, Inc. (NASDAQ:KITD are under the investigation for current long term investors in KIT digital, Inc. (NASDAQ:KITD shares over possible breaches of fiduciary duties in connection with certain statements.
Investors who are current long-term stockholder in KIT digital, Inc. (NASDAQ:KITD) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in KIT digital, Inc. (NASDAQ:KITD) stocks follows a lawsuit filed earlier by shareholders who purchased NASDAQ:KITD shares only between November 8, 2011 and May 3, 2012, against KIT digital, Inc.
The investigation on behalf of current long term investors in KIT digital, Inc. (NASDAQ:KITD) stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain KIT digital officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the plaintiff alleges 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.
NASDAQ:KIT shares fell on March 23, 2012 to as low as $6.33.
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 $6.34 on May 2, 2012 to $4.42 on May 3, 2012 and continued to decline to as low as $3.48 per share on May 23, 2012.
Overall NASDAQ:KITD shares fell from over $12.50 in February 2012 to under $3.50 in May 2012.
On June 26, 2012, NASDAQ:KITD shares closed at $4.31 per share.
Those who are current long-term stockholder in KIT digital, Inc. (NASDAQ:KITD) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego