NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky is investigating the Board of Directors of Kit digital, Inc. (“KITD” or the “Company”) (NasdaqGS: KITD) for possible breaches of fiduciary duty and other violations of state law in connection with the proposed sale of the Company to former CEO Kaleil Isaza Tuzman.
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Tuzman offered to acquire all outstanding shares of KITD he does not own for $3.75 per share, representing an approximate value of $198 million. Tuzman currently owns an approximate 4% stake in KITD. The investigation concerns, among other things, whether the proposed consideration to be paid to KITD shareholders is unfair, inadequate, and substantially below the fair or inherent value of KITD, and whether Tuzman is taking advantage of its position to purchase the Company at an unfair price . In particular, KITD stock has traded higher than the offer price as recently as July 19, 2012, while at least one analyst set a price target for KITD stock at $7.00 per share.
If you own common stock in KITD and wish to obtain additional information, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or http://zlk.9nl.com/kitdigital-kitd/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major securities lawsuits and have successfully recovered multimillion-dollar damages awards on behalf of investors. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510