Video Tech Co. Faces Derivative Suit Over Accounting Methods

Law360, New York (December 7, 2012, 2:25 PM EST) -- A shareholder of KIT Digital Inc. launched a derivative action in New York state court accusing the video software and services company and its executives of making false statements to investors about its success in integrating approximately 19 technology acquisitions.

The lawsuit comes after a “litany of false and/or misleading statements” that KIT allegedly made between November 2011 and May about the true costs of its acquisitions. The complaint also alleges KIT failed to disclose that it lacked the financial personnel necessary to ensure appropriate accounting...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.