PRLog - May 10, 2012 - SAN DIEGO -- An investigation on behalf of investors in shares of KIT digital, Inc. (NASDAQ:KITD)
If you purchased shares of KIT digital, Inc. (NASDAQ:KITD)
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of KIT digital, Inc. (NASDAQ:KITD)
KIT digital, Inc. reported that its annual Revenue rose from $23.40million in 2008 to $214.93million in 2011, however its Net Loss increased from $18.98million in 2008 to $27.12million in 2011.
Shares of KIT digital, Inc. (NASDAQ:KITD)
Over the frist months in 2012 NASDAQ:KIT shares reached over $12 in February.
Then 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.
NASDAQ: KITD shares closed on April 16, 2012 at $7.14 per share.
Those who purchased shares of KIT digital, Inc. (NASDAQ:KITD)