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Kit Digital drops auditor; Nasdaq will delist stock on Dec. 21

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Video software provider Kit Digital said Tuesday that it dismissed Grant Thornton LLP, an independent auditor the company had hired to help it restate three years of earnings reports.

The move came one week after Kit announced that it had received a notice from Nasdaq that its stock would be delisted from the exchange for failing to file its third-quarter earnings report. Kit said Tuesday that its stock will be delisted by Nasdaq on Dec. 21, and that it would seek to trade its stock on the over-the-counter market.

It's been a tumultuous year for KIT, which announced in November that it would restate earnings reports from 2009, 2010 and 2011 because of "accounting errors and irregularities."

Kit didn't say why it dropped Grant Thornton. The company said in a statement that it is "in the process of engaging a new audit firm and anticipates an announcement about the appointment of a new auditor in the near future."

For more:
- see the release

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