NEW YORK, March 30, 2023 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in Kornit Digital Ltd. ("Kornit Digital" or the "Company") (NASDAQ: KRNT) of a class action securities lawsuit.
CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of Kornit Digital investors who were adversely affected by alleged securities fraud. This lawsuit is on behalf of all persons who purchased shares of Kornit Digital common stock between August 10, 2021, and July 5, 2022, including purchases directly in Kornit Digital's November 19, 2021 public stock offering. Follow the link below to get more information and be contacted by a member of our team:
https://zlk.com/pslra-1/kornit-digital-lawsuit-loss-submission-form?prid=37830&wire=4
KRNT investors may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed that: (i) one of Kornit Digital's largest customers, DTG2Go, a Delta Apparel, Inc. subsidiary, was transitioning to a competitor's product offerings for its manufacturing needs; (ii) a second key customer, Fanatics, Inc., had decided to outsource production, a substantial portion of which was going to producers using non-Kornit Digital systems; (iii) as a result, Kornit Digital expected to and ultimately did lose substantial demand for its products and services; (iv) Kornit Digital was suffering from lessening demand for high-margin consumables which caused Kornit Digital to suffer from an unfavorable sales mix and lower gross margins; (v) e-commerce demand for Kornit Digital products was slowing down as facets of the economy reopened following the COVID-19 pandemic, which was having a negative effect on Kornit Digital's revenue; (vi) as a result of the foregoing, Kornit Digital's projected financial results and market opportunity were not achievable and lacked a reasonable basis in fact.
WHAT'S NEXT? If you suffered a loss in Kornit Digital during the relevant time frame, you have until April 17, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. There is no cost or obligation to participate.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 4th Floor Suite #427
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
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SOURCE Levi & Korsinsky, LLP
