Shares of KIT Digital, a provider of video management software, have lost more than half their previous value this morning after the company late Wednesday disclosed that due to the discovery of accounting irregularities, it is restating financial results fo 2009, 2010, 2011 and the March and June quarters of 2012.

FORBES: KIT Digital Implodes; Finds Accounting Errors, Restating Results; Former CEO Bids