Kornit Digital Ltd. (NasdaqGS: KRNT)
23 Days left to seek lead plaintiff status.
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Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until April 17, 2023 to file lead plaintiff applications in a securities class action lawsuit against Kornit Digital Ltd. (the “Company”) (NasdaqGS: KRNT).
Kornit Digital and certain of its executives are charged with failing to disclose material information during the Class Period, 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%.
If you purchased shares of Kornit and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
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.
Click here to read the first filed complaint.