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KIT digital Inc (NASDAQ: KITD) Investor Securities Class Action Lawsuit 05/25/2012

  • If you purchased shares of KIT digital Inc (NASDAQ: KITD), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
KIT digital, Inc.
Security
NASDAQ: KITD

Case Name
KIT digital Shareholder Class Action LAwsuit 05/25/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
kit_digital_inc_settlement_notice_2013.pdf
Settlement Proof
kit_digital_inc_settlement_proof_2013.pdf
Filed Complaint
kit_digital_inc_original_filing_edited_5_2012.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$6,002,000.00
Deadline to Participate in Settlement

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Summary

December 3, 2014 - The court ordered the authorization of the distribution of the net settlement fund.
December 20, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys fees and expenses, and dismissed the action with prejudice.

December 19, 2013 - The court held a final settlement hearing.

September 24, 2013 - The court preliminarily approved the settlement.

September 13, 2013 - Parties filed a stipulation of settlement.

March 13, 2013 - A second order was filed appointing the same lead plaintiff and lead counsel and consolidating all cases.

February 6, 2013 - Another case was consolidated.

January 4, 2013 - Another case was consolidated.

January 3, 2013 - Additional cases were consolidated.

November 30, 2012 - Another investor filed a complaint on behalf of investors who purchased KIT digital Inc (NASDAQ: KIT) common shares between May 19, 2009 and November 21, 2012.

October 1, 2012 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 25, 2012 - Lead plaintiff motions were filed.

May 25, 2012 - An investor in shares of KIT digital Inc (now known as Piksel Inc) (NASDAQ: KITD now trading on the OTC sheets as KITDQ) filed a lawsuit in the U.S. District Court for the Southern District of New York against KIT digital Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 8, 2011 and May 3, 2012.

According to the complaint the plaintiff alleges on behalf of a class 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.

KIT digital Inc reported that its annual Revenue rose from $23.40 million in 2008 to $214.93 million in 2011, however its Net Loss increased from $18.98 million in 2008 to $27.12 million in 2011.

Shares of KIT digital Inc (NASDAQ: KITD) rose in 2010 to over $16 per share in December and reached in Janaury 2011 7, 2011 $16.40 per share. During 2011 NASDAQ: KITD shares lost value and closed 2011 at $8.45 per share.

Over the first months in 2012 KIT digital Inc (NASDAQ: KITD) 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 KIT digital Inc has accepted the resignations of four board members.

KIT digital Inc (NASDAQ: KITD) 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 April 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.

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 KIT digital Inc (NASDAQ: KITD) shares fell from over $12.50 in February 2012 to under $3.50 in May 2012.

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 KIT digital Inc (NASDAQ: KITD) shares fell from over $12.50 in February 2012 to under $3.50 in May 2012.

kit_digital_inc_original_filing_edited_5_2012.pdf
Date Settled