NEW ORLEANS–(BUSINESS WIRE)–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), if they purchased the Company’s shares between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of New Jersey.
What You May Do
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 ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-krnt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by April 17, 2023.
About the Lawsuit
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%.
The case is Genesee County Employees’ Retirement System v. Kornit Digital Ltd., No. 23-cv-888.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner