NEW YORK--(EON: Enhanced Online News)--The following statement is being issued by Bernstein Liebhard LLP regarding the In re KIT digital, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
IN RE KIT DIGITAL, INC. SECURITIES LITIGATION
Civil Action No. 12 Civ. 4199 (AT)
TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF KIT DIGITAL, INC. (“KIT” OR THE “COMPANY”) DURING THE PERIOD FROM MAY 19, 2009 TO NOVEMBER 21, 2012, INCLUSIVE, AND WHO WERE ALLEGEDLY DAMAGED THEREBY
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Southern District of New York (the “District Court”), that a hearing will be held at 4:00 p.m. on December 10, 2013 before the Honorable Analisa Torres, United States District Court Judge, in Courtroom 15D, at the Daniel Patrick Moynihan United States Courthouse, 500 Pearl Street, New York, New York, for the purpose of determining (1) whether the proposed settlement of the Consolidated Action for the principal amount of $6,001,999, plus accrued interest, and certain rights with respect to possible claims against KIT’s former auditor, Grant Thornton LLP, should be approved by the District Court as fair, reasonable, and adequate; (2) whether the Final Approval Order and Judgment should be entered by the District Court dismissing the Consolidated Action with prejudice; (3) whether the proposed Plan of Allocation is fair, reasonable, and adequate and, therefore, should be approved; and (4) whether the Fee and Expense Application should be approved. In connection with the Fee and Expense Application, Plaintiffs’ Counsel will request attorneys’ fees of 15% of the Gross Settlement Fund, plus expenses (exclusive of administration costs) not to exceed $300,000.
If you purchased or otherwise acquired KIT common stock during the period from May 19, 2009 through November 21, 2012, inclusive, your rights may be affected by the settlement of the Consolidated Action. If you have not received a detailed Notice of Pendency of Class Action and Proposed Settlement, Settlement Fairness Hearing, and Motion For an Award of Attorneys’ Fees and Reimbursement of Litigation Expenses (the “Notice”) and a copy of the Claim Form, you may obtain copies by writing to In re KIT digital, Inc. Securities Litigation, c/o GCG, P.O. Box 9989, Dublin, Ohio 43017-5989, or by calling 1-800-231-1815, or on the internet at www.KITSecuritiesLitigation.com, or from Lead Counsel’s website at www.bernlieb.com. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Claim Form, postmarked on or before February 12, 2014 establishing that you are entitled to recovery.
If you desire to be excluded from the Settlement Class, you must submit a request for exclusion postmarked by no later than November 19, 2013, in the manner and form explained in the detailed Notice referred to above. All members of the Settlement Class who have not timely and validly requested exclusion from the Settlement Class will be bound by any judgment entered in the Consolidated Action pursuant to the Stipulation of Settlement dated as of July 30, 2013.
Any objection to the Settlement must be filed by no later than November 19, 2013 and sent to:
In re KIT digital, Inc. Securities Litigation
P.O. Box 9989
Dublin, OH 43017-5989
PLEASE DO NOT CONTACT THE DISTRICT COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel:
Jeffrey M. Haber, Esq.
Joseph R. Seidman, Jr., Esq.
BERNSTEIN LIEBHARD LLP
10 East 40th Street
New York, New York 10016
|DATED: October 25, 2013||BY ORDER OF THE DISTRICT COURT,|
|UNITED STATES DISTRICT COURT|
|SOUTHERN DISTRICT OF NEW YORK|