SAN FRANCISCO, CA – (March 9, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Kornit Digital Ltd. (“Kornit” or the “Company”) who suffered losses from purchasing or otherwise acquiring Kornit ordinary shares (NASDAQ: KRNT) pursuant to Kornit’s November 19, 2021 Secondary Public Offering (“SPO”) and/or between February 17, 2021 and July 5, 2022 contact us immediately regarding pending securities fraud class action against Kornit. The deadline to apply to be a lead plaintiff is April 17, 2023.
Class Period: February 17, 2021 – July 5, 2022
Lead Plaintiff Motion Deadline: April 17, 2023
Case information: lieffcabraser.com/securities/kornit
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The action alleges that defendants made false and/or misleading statements and/or failed to disclose that Kornit’s digital printing business was plagued by severe quality control problems and customer service deficiencies, that those problems and deficiencies caused Kornit to lose market share to competitors and negatively impacted the company’s revenue as customers went elsewhere for their digital printing needs.
On March 28, 2022, two of Kornit’s major customers announced that they had been working for months with Kornit’s chief competitors to develop a new digital printing technology which would directly compete with Kornit’s products and services.
On May 11, 2022, Kornit announced a surprise loss for 1Q 2022 and issued disappointing revenue guidance for 2Q 2022 attributable to a slowdown in orders in Kornit’s e-commerce segment. On this news, the price of Kornit ordinary shares declined 33.29% to close at $37.63 on May 11, 2022, on heavy trading volume.
On July 5, 2022, Kornit announced that it would report a significant revenue shortfall for 2Q 2022 due to a slowdown in orders for its direct-to-garment printing systems. On this news, the price of Kornit ordinary shares fell 25.7% to close at 23.46 on July 6, 2022, on extremely heavy trading volume.
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Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
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