NEW YORK--(BUSINESS WIRE)--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.
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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.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in KITD and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/KITD or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
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