NEW YORK, April 14, 2023 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Kornit Digital Ltd. (NASDAQ: KRNT).
To receive updates on the lawsuit, fill out the form:
https://claimyourloss.com/securities/kornit-digital-ltd-loss-submission-form/?id=38216&from=4
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.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until April 17, 2023 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Kornit Digital Ltd. issued materially false and/or misleading statements and/or failed to disclose 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.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
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SOURCE Jakubowitz Law
