Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the ordinary shares of Cognyte Software Ltd. (“Cognyte” or the “Company”) (NASDAQ: CGNT) from February 2, 2021 through June 28, 2022, inclusive (the “Class Period”).

If you purchased or otherwise acquired Cognyte ordinary shares during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 1, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

CGNT investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email investorinfo@lchb.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.

Cognyte, headquartered in Israel, is a software company that specializes in data analytics. Cognyte’s core business focuses on developing tools that assist clients in gathering and analyzing data related to investigations.

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.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, 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. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.

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