2023-04-11 | NDAQ:KRNT | Press Release

You lost money in Kornit Digital. Please visit Kornit Digital Ltd. Shareholder class action lawsuit or contact Peter Allocco Contact us at (212-951-230 or [email protected] to discuss your rights.

NEW YORK, April 11, 2023 /PRNewswire/ – Bernstein Liebhard LLP a nationally acclaimed law firm that represents investors, reminds them of the deadlines for filing a motion to be the lead plaintiff in a securities litigation class action filed by investors who acquired or purchased ordinary shares of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT), between February 17, 2020 The following are some examples of how to get started: July 5, 2022The “Class Period” includes the period between and inclusive. The lawsuit was filed on The United States District Court for the District of New Jersey The Securities Exchange Act of 1933 is alleged to be violated.

Kornit is a company that designs and manufactures industrial printing technologies for the textile, apparel and garment industries. The digital inkjets of the Company allow end users to print directly on fabric and garments. In DTG printing images and designs can be printed directly on textiles, such as apparel and clothing. In DTF printing, large rolls of fabric pass through wide inkjet printers that print images and designs directly on to swaths of fabric that are then cut and sewn into a product, and can be used in the fashion and home décor industries. Kornit sells and produces textile inks as well as other consumables to be used with its digital printers. Kornit provides equipment and customer services such as technical assistance, maintenance, and repairs through its customer support contract.

Kornit toute the time during the Class Period bragged about the supposed competitive advantages of its technology, and assured investors it was facing virtually no significant competition in the DTG print market. The Company claimed that its digital printing system, textile inks and consumables were all in high demand. It also offered services to customers for maintaining and managing its digital printers and managing customer workflow. Kornit also assured investors that a purportedly high demand for its products and services will enable it to retain its existing client base and attract new clients, limiting the risk associated with having a large portion of revenues concentrated amongst a few large customers.

Plaintiff claims that these statements and others made during the Class Period are false. Kornit, and its senior executive knew or, at least, recklessly neglected, the fact that the Company’s Digital Printing business was plagued with severe quality control and customer service problems. Kornit ceded market share to its competitors because of these problems and deficiencies. This, in turn led to a decline in revenue for the Company as customers moved elsewhere to get their digital printing done. These misrepresentations caused Kornit’s ordinary shares to trade at artificially high prices during the Class Period.

Investors are beginning to understand the truth about March 28, 2020Delta Apparel & Fanatics, two of Kornit’s biggest customers, announced that they have been working for months with one Kornit’s competitors to create a new digital print technology that competes directly with the products and service Kornit offers. Delta Apparel announced that they had already installed the new technology into four of their existing digital print shops and planned to expand. Delta Apparel, Fanatics, and other companies using this new technology reflect the dissatisfaction Kornit customers have with its products and customer service. This means that Kornit will likely lose two of its biggest customers.

You can find out more about this by clicking here. May 11, 2020Kornit has reported a loss despite its revenues exceeding expectations. $5.2 Million Profit for the first three months of 2022 is expected to be 45% higher than that of $5 Million In the previous year’s period. The Company issued revenue guidance that was below analyst expectations for the second quarter 2022. Kornit’s disappointing guidance was attributed to a slower pace of orders coming in from its customers in the Company’s ecommerce segment. Kornit also acknowledged that for the past two quarters it had known that Delta Apparel was one of the Company’s largest customers and that they purchased digital printing equipment from a Kornit rival.

Kornit shares’ price fell on this news $18.78 Shares, or 33.3% of the closing price, will close at $37.63 per share on May 11, 2020.

Then, on July 5, 2022After the market closed on Friday, Kornit announced that it would be reporting a significant shortfall in revenue during the second quarter 2022. Kornit had expected that revenue for the quarter would be between $56.4 Million The following are some of the ways to get in touch with us: $59.4 millionThis is a far cry from the previous revenue guidance between Approximately $85 million The following are some examples of how to get started: 95 Million Dollars The Company has provided in less than two months. May 2022. Kornit attributes the significant revenue shortfall to “a much slower pace of orders for direct-to garment (DTG), systems in the second quarter, compared with our previous expectations.”

Kornit shares’ price fell on this news $8.10 Shares, or 25.7% of the closing price, will close at $23.46 per share on July 6, 2020.

You must file your motion with the Court by no later than April 17, 2023. Lead plaintiffs are representative parties who act on behalf of class members to direct the litigation. It is not necessary to serve as a lead plaintiff for you to be eligible to receive any recoveries. If you do not take any action, you can still be a member of the absent class.

You can also contact us if you have any questions. You may have acquired or purchased Kornit ordinary Shares and/or you would like to discuss legal rights and options. Visit Kornit Digital Ltd. Shareholder class action lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].

Bernstein Liebhard LLP recovered more than $3. 5 billion The Firm is committed to providing the best possible service for its clients. As well as representing individual investors in litigation, the Firm is also retained by many of the largest private and public pension funds across the country to monitor assets and to pursue litigation for them. The Firm’s success in litigating hundreds lawsuits and class action cases has led to its inclusion on The National Law Journal’s ‘Plaintiffs’ Hot List’ thirteen times, and listing in The Legal 500 ten years running.

ATTORNEY MARKETING. © 2022 Bernstein Liebhard LLP. This advertisement was created by Bernstein Liebhard LLP at 10 East 40th Street. New York 10016, (212) 779-1414. Prior results are not a guarantee of a similar result in future matters.

Contact Information

Peter Allocco

Bernstein Liebhard LLP

https://www.bernlieb.com

(212) 951-2030

[email protected]

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