$KITD Faruqi Faruqi, LLP Is Investigating KI
Post# of 98055
$KITD
Faruqi & Faruqi, LLP Is Investigating KIT Digital, Inc. for Potential Breaches of Fiduciary Duties by Its Board of Directors (KITD)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of KIT Digital, Inc. (“KITD” or the “Company”) (NASDAQ: KITD) for potential breaches of fiduciary duties in connection with their conduct related to the proposed buyout of the Company by its largest shareholder and former chair and CEO, Kaleil Isaza Tuzman, in an all-cash deal valued at approximately $198 million. Under the terms of the proposed transaction, KITD’s stockholders will receive $3.75 in cash for each share of KITD’s common stock they own.
This investigation is focused on whether KITD’s Board of Directors is acting in accordance with their fiduciary duties to KITD’s stockholders to conduct an adequate and fair sales process to sell the Company, whether KITD’s Board of Directors is adequately negotiating a price increase for the proposed transaction, and by how much this proposed transaction undervalues the Company to the detriment of KITD’s shareholders.
If you own common stock in KITD and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at or .
Copy of Attorney agreement for shareholders.
FARUQI & FARUQI, LLP
ATTORNEYS AT LAW
369 LEXINGTON AVENUE, 10TH FLOOR
NEW YORK, NEW YORK 10017-6531
TELEPHONE:
TELECOPIER:
WEBSITE: www.faruqilaw.com
Dear Client,
Thank you for the opportunity to represent you in this matter. We are sending you this letter to confirm that you (the
“Client”) have retained Faruqi & Faruqi, LLP to represent you as a named plaintiff in litigation for breaches of fiduciary
duty against the board of directors for the Company named below on a fully contingent basis with respect to its fees.
Further, you purchased the shares prior to the announcement of the corporate action sought by the board of directors for
the Company named below and you did not purchase said shares for the purpose of commencing any legal action.
This firm has thoroughly and extensively investigated this case, and believes that there is a valid legal and factual
basis to prosecute this action against the defendants. We agree to advance all expenses in the litigation, which means
that you are not liable or responsible to pay any of the expenses of the class action, whether attorneys’ fees or costs.
Regardless of the result, we will never ask you to directly pay for any attorneys’ fees or costs. Should we obtain a
favorable result, we may ask the court to award us compensation to be paid by the defendants or as a portion of any
monetary class benefit, but, again, we will never ask you to directly pay any of the costs of this litigation.
You may have discussed with other attorneys or law firms a case against the Company named below, but you have
not retained any other attorneys or law firm to represent you in connection with the same matter. During the course of this
litigation, we may employ and/or work with other attorneys or law firms to prosecute the action. Further, the file compiled
constitutes the work product and property of this firm over which the firm has complete control with respect to its use
and/or disclosure.
We look forward to representing you in this matter.
Sincerely,
Juan E. Monteverde, Esq.
PLEASE FILL OUT THE INFORMATION BELOW, SIGN ACKOWLEDGING THAT YOU AGREE
WITH THE TERMS IN THIS LETTER AND RETURN IT TO US BY E-MAIL OR FAX (212) 983-9331
11/29/2012
Date Company Name
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Signature Number of Shares Currently Owned
Mr XXXXXXXXX / /
Name Date Shares First Purchased
Address
XXXXX
Phone Number E-mail
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