Judge Preliminarily Approves KIT digital, Inc. Securities Class Action

On September 24, 2013, Judge Analisa Torres of the United States District Court for the Southern District of New York granted preliminary approval of a proposed $6,001,999 settlement in a securities action relating to KIT digital, Inc.  The action, which is denominated In re KIT digital, Inc. Sec. Litig. 12-cv-4199-AT, is a class action lawsuit alleging violations of the federal securities laws by KIT digital, Inc. and certain officers and directors of the company between May 19, 2009 and November 21, 2012, inclusive.  Defendants have denied all allegations.   The proposed Settlement is subject to the final approval of the District Court.

The terms of the proposed settlement are explained in the Notice of Pendency and Proposed Settlement.  Below are important dates discussed in the Notice by which class members can take certain actions:

  • The Exclusion Filing Deadline is November 19, 2013.
  • The Objection Filing Deadline is November 19, 2013.
  • The Settlement Fairness Hearing will be held on December 10, 2013 at 4:00 pm.
  • The Deadline for Filing a Proof of Claim is February 12, 2014.

Bernstein Liebhard LLP serves as lead counsel in the action and represents the court-appointed lead plaintiff Houston Municipal Employees Pension System.

Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients.  It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.