KIT Digital (KITD) Lower as Costa Brava Shows New Stake, Said to Have Talks With Management

In a 13D filing on KIT Digital, Inc. (Nasdaq: KITD), Seth Hamot's hedge fund Costa Brava Partnership III L.P. disclosed a 4.74%, or 2,245,000 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending December 31, 2011.

In the filing, the following comment was made: "Seth Hamot has expressed concerns to management and Directors of the Issuer regarding leadership and corporate governance of its business, and in a conversation with a current Director on April 22, 2012 recommended certain individuals to be nominated for election to the Issuer’s Board of Directors. Mr. Hamot expects to continue sharing his views with management and Directors of the Issuer."

Shares of KIT are down nearly 3 percent Friday following the filing.

For more notable holders of KIT Digital, Inc. stock click here.

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