NEW YORK, March 3, 2023 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that on behalf of those who own Kornit Digital Ltd. purchased, a class action lawsuit has been filed in the United States District Court for the District of New Jersey. (“Kornit” or the “Company”) KRNT Securities during the period from 17 February 2021 to 5 July 2022 (the “Class Period”). Investors have until April 17, 2023 to petition the court to be named lead plaintiff in the lawsuit.

Kornit Digital Ltd manufactures digital inkjet printers used by the textile industry to print directly to fabric.

On May 11, 2022, Kornit announced its first quarter 2022 financial results and held a conference call with analysts and investors to discuss those results. Kornit reported a net loss of $5.2 million compared to a profit of $5.1 million for the first quarter of 2021. The company also informed investors that Kornit reported sales of between $85 million in the second quarter of 2022 and $95 million, which was $13 million below analysts’ expectations at the halfway point. In addition, Defendant Ronen Samuel, Kornit’s CEO, admitted that Kornit was aware for at least the prior two quarters that Delta Apparel, one of Kornit’s largest customers, had decided to acquire digital printing systems from one of Kornit’s competitors. As a result of this news, the price of Kornit stock fell $18.78 per share, or approximately 33.29%, from $56.41 per share to a closing price of $37.63 on May 11, 2022.

On July 5, 2022, Kornit announced its preliminary second quarter 2022 financial results. The company said it would report a significant drop in revenue this quarter. Specifically, Kornit expected second-quarter revenue to fall more than 35%, in line with the midpoint of Kornit’s previous revenue guidance, which the company provided less than two months earlier, in May 2022. On top of this news, the price of Kornit shares fell by $8.10 per share or…