Kornit Digital Ltd. Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the ordinary shares of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) pursuant to Kornit’s November 19, 2021 Secondary Public Offering (“SPO”) and/or between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”).
If you purchased or otherwise acquired Kornit ordinary shares during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 17, 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.
KRNT investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email email@example.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Kornit Securities Class Litigation
Kornit, incorporated and based in Israel, with U.S. headquarters in Englewood, New Jersey, designs and manufactures industrial digital printing technologies for the garment, apparel, and textile industries.
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.
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.