NEW ORLEANS, March 28, 2023 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until April 17, 2023 Filing of Lead Plaintiff’s Motions in Securities Class Actions Against Kornit Digital Ltd. (the company”) KRNTif they purchased the Company’s shares between February 17, 2021 and July 5, 2022 inclusive (the “Collection Period”), including purchases made directly in the Company’s public offering of shares in November 2021 (the “Offering”). The lawsuits are pending in the United States District Court for the District of New Jersey.

get help

Kornit investors should visit us at https://claimsfiler.com/cases/nasdaq-krnt/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.

About the lawsuits

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 revenue for the second quarter of 2022 in the range of $56.4 million to $59.4 million, well below the previous revenue guidance of $85 million. Dollars to $95 million, which it attributed to “a significantly slower pace of direct-to-garment (DTG) system orders in the second quarter compared to our earlier expectations.” Shares in Kornit fell on the news another $8.10 per share, or 25.7%.

The first case filed is Genesee County Employee Pension Scheme v.