KIT Digital (KITD) to Restate Certain FY09 - FY12 Results; Cites Revenue Recognition from Software Licenses
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Northland Securities Downgrades KIT Digital (KITD) to Market Perform
November 23, 2012 8:43 AM ESTNorthland Securities downgraded KIT Digital (NASDAQ: KITD) from Outperform to Market Perform with a price target of $2.00 (from $8.00).
The firm comments, "On 11/21 AMC, KITD announced that it will be restating its financials from 2009-2012, due to accounting errors it uncovered.... More
Former KIT digital (KITD) CEO Tuzman Sends Letter to Board; Presses for Changes
November 23, 2012 7:03 AM ESTKaleil Isaza Tuzman, former CEO and Chair of KIT digital (Nasdaq: KITD), sent the following letter to the companies Board of Directors. He voices his opinion on capability of the current management following disclosure earlier in the session that KIT would need to restate certain financial results.
Board of Directors
KIT digital, Inc.
26 West 17th Street, 2nd Floor
New York, NY10011
Attention: Bill Russell, Chairman
Dear KIT digital Board of Directors,
KIT digital, Inc.'s ("KITD" or the "Company") November 21, 2012 8-K (the "8-K") effectively... More
