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NEW ORLEANS, Feb. 28, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 17, 2023 to file lead plaintiff applications in securities class action lawsuits against Kornit Digital Ltd. (the “Company”) (NasdaqGS: KRNT), if they purchased the Company’s shares between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”) including purchases directly in the Company’s November 2021 public stock offering (the “Offering”). The actions are pending in the United States District Court for the District of New Jersey.
Kornit investors should visit us at https://claimsfiler.com/cases/nasdaq-krnt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuits
Kornit Digital and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement for the Offering, violating federal securities laws.
On May 11, 2022, the Company disclosed a net loss of $5.2 million for 1Q 2022 (compared to a profit of $5.1 million in the prior year period) and revenue guidance for 2Q 2022 significantly below analysts’ expectations due to a slowdown in orders. The Company also admitted that, for at least the previous two quarters, it knew that one of its major customers had acquired services from a competitor. On this news, shares of Kornit fell by $18.78 per share, or 33%.
Then, on July 5, 2022, the Company disclosed expected revenue for 2Q 2022 in the range of $56.4 million to $59.4 million, well below the previous revenue guidance of between $85 million and $95 million, which it attributed to “a significantly slower pace of direct-to-garment (DTG) systems orders in the second quarter as compared to our prior expectations.” On this news, shares of Kornit declined an additional $8.10 per share, or 25.7%.
The first-filed case is Genesee County Employees’ Retirement System v. Kornit Digital Ltd., No. 23-cv-888. A subsequently case, Cleveland Bakers And Teamsters Pension Fund v. Kornit Digital Ltd., No. 23-cv-971, was filed.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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