SAN FRANCISCO, CA – (March 10, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages that investors in Cognyte Software Ltd. (“Cognyte” or the “Company”) who suffered losses from purchasing or otherwise acquiring Cognyte ordinary shares (NASDAQ: CGNT) between February 2, 2021 and June 28, 2022 contact our attorneys immediately regarding pending securities fraud class action against Cognyte. The deadline to apply to be a lead plaintiff is May 1, 2023.
Class Period: February 2, 2021 – June 28, 2022
Lead Plaintiff Motion Deadline: May 1, 2023
Case information: lieffcabraser.com/securities/cognyte
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The securities class action alleges that, throughout the Class Period, Cognyte and certain of its senior executives and directors made materially false and misleading statements and/or omissions that concealed the fact that Cognyte’s business practices violated Meta Platforms Inc.’s (“Meta”) community standards and terms of services.
On December 16, 2021, Meta (Facebook’s parent company) released a “Threat Report” revealing that Cognyte and six private companies regularly collected intelligence on political dissidents, journalists, and human rights activists, among others, and manipulated its targets into revealing information about themselves or by breaking into their accounts or devices, in violation of Facebook’s community standards and Terms of Service. Meta disabled Cognyte’s ability to use its platforms, alerted security researchers, policymakers, other platforms, and individual users of its findings, issued Cease and Desist warnings, and alerted tens of thousands of individuals worldwide who were believed to be targeted in order to help them strengthen the security of their accounts. On this news, the price of Cognyte ordinary shares fell 5.11% to close at $18.00 on December 17, 2021 on elevated trading volume. The next day, Cognyte ordinary shares fell another 5.78%, to close at $16.96.
On April 5, 2022, Cognyte revealed that it was forced to change its solutions in response to the Meta Threat Report. That same day, Cognyte reported fourth quarter 2021 financial results that were well below analysts’ expectations. On this news, the price of Cognyte ordinary shares fell 31.13% to close at $8.03 per share on April 5, 2022.
On June 28, 2022, Cognyte reported disappointing financial results for the first quarter 2022 financial results. On this news, the price of Cognyte ordinary shares fell another 28.66% to close at $4.58 per share on June 28, 2022.
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