As I mentioned earlier, the term "Pit Bull" only refers to a group of characteristics that generalizes several breeds of dogs. If you meant that the American Pit Bull Terrier is not recognized by the AKC, then you are correct. However, the AKC recognizes some pit bull/molosser-type breeds such as the Cane Corso, Tosa and Argentine Dogo.
Not that it matters, the AKC basically just recognizes purebred canines. Also, most breeds can acquire recognition, but only after they establish enough purebred births.