Former KIT digital (KITD) CEO Tuzman Sends Letter to Board; Presses for Changes
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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
KIT Digital (KITD) to Restate Certain FY09 - FY12 Results; Cites Revenue Recognition from Software Licenses
November 23, 2012 6:42 AM ESTKIT Digital (Nasdaq: KITD) announced that, because of errors and irregularities identified by the Company in its historical financial statements, the financial statements for (1) the years ended December 31, 2009, 2010 and 2011 and (2) each of the three quarters in 2009, 2010 and 2011 will be restated. As a result of the restatement of these prior periods, the Company will also restate the quarters ended March 31, 2012 and June 30, 2012. Accordingly, investors should no longer rely upon the Company's previously issued financial statements for these periods, any earnings releases or other communications relating to these periods, or projections or estimates for any... More
