KORNIT DIGITAL SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF … | Nation/World
NEW ORLEANS, March 28, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until April 17, 2023 to file lead plaintiff applications in securities class action lawsuits against Kornit Digital Ltd. (the “Company”) (NasdaqGS: KRNT), if they purchased the Company’s shares between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”) including purchases directly in the Company’s November 2021 public stock offering (the “Offering”). The United States District Court for the District of New Jersey has commenced the proceedings.
Get assistance
Kornit investors should visit us at https://claimsfiler.com/cases/nasdaq-krnt/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuits
Kornit Digital, along with certain of its executives, are being charged with failing disclosure of material information during the Class period and/or in Registration Statement to the Offering. This violates 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 it knew that at least one of its major customers had bought services from a rival for at most the past two quarters. Kornit shares fell 33% on this news, falling $18.78 per share.
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%.
The first case filed is Genesee County Employees’ Retirement System v. Kornit Digital Ltd., No. 23-cv-888. A subsequent case Cleveland Bakers And Teamsters Pension Fundv. Kornit Digital Ltd., No. No. 23-cv-971 was filed.
ClaimsFiler
ClaimsFiler’s mission is to provide information to help retail investors get their share of billions from securities class actions settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
Visit www.claimsfiler.com to learn more about ClaimsFiler.
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