KIT digital dropped from NASDAQ

December 11, 2012 09.16 Europe/London By Julian Clover

KIT digital has been removed from the NASDAQ index after failing to file its quarterly accounts.

Receipt of the 10-Q Quarterly Report form by the Securities and Exchange Commission is a condition of the exchange’s continued listing requirements.

The troubled video software management firm is expected to make substantial losses during 2012 and says it is considering a range of strategic options that include the sale of the business.

It’s planning to restate its quarterly and annual financial statements issued between 2009 and 2012 following the discovery of financial irregularities.