NEW ORLEANS, March 21, 2023 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Louisiana Attorney General Charles C. Foti, Jr., are reminding investors that until have time there April 17, 2023 Lead Plaintiff’s Motions in Securities Class Actions Against Kornit Digital Ltd. (the “Company”) (NasdaqGS: KRNT) if they acquired the Company’s shares between February 17, 2021 and July 5, 2022 inclusive (the “Collection Period”)”), including direct purchases under the public Company’s share offering in November 2021 (the “Offering”). The lawsuits are pending in the United States District Court for the District of New Jersey.
What you can do
If you have purchased Kornit stock and would like to discuss your legal rights and how this case may affect you and your right to compensation for your economic loss, you can contact KSF Managing Partner Lewis Kahn toll-free, without obligation and at no cost to you, at 1-877-515-1850 or email ([email protected]) or visit to learn more. If you wish to appear as a lead plaintiff in the class action, you must file an application with the court April 17, 2023.
About the lawsuits
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Kornit Digital and certain of its officers are alleged to have failed to disclose material information during the Class Period and/or in the Offering Registration Statement in violation of federal securities laws.
On May 11, 2022, the Company announced a net loss of $5.2 million for the first quarter of 2022 (compared to a profit of $5.1 million in the same period last year) and revenue guidance for the second quarter of 2022 known, which were well below analysts’ expectations due to a slowdown in incoming orders. The company also admitted that for at least the prior two quarters it was aware that one of its key customers had been sourcing services from a competitor. On the news, Kornit shares fell $18.78 per share, or 33%.
Then on July 5, 2022, the Company announced expected Q2 2022 revenues in the range of $56.4 million to $59.4 million, well below previous revenue guidance of $85 million and $95 million, respectively attributed it to “a significantly slower pace of direct-to-garment (DTG) system orders in the second quarter compared to our prior expectations.” Shares of Kornit fell another $8.10 per share, or $25, on the news .7%.
The first case filed is Genesee County Employees’ Retirement System v Kornit Digital Ltd., No. 23-cv-888. an afterthought, Pension Fund of the Cleveland Bakers and Teamsters against Kornit Digital Ltd., No. 23-cv-971, was filed.
About Kahn Swick & Foti, LLC
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KSF, which partners with former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation firms. KSF assists a wide range of clients – including public institutional investors, hedge funds, wealth managers and retail investors – in seeking redress for investment losses resulting from corporate fraud or misconduct by public companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St, Suite 960
New Orleans, LA 70163
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