SAN FRANCISCO, April 15, 2023 (GLOBE NEWSWIRE) -- Hagens Berman urges Kornit Digital Ltd. ( KRNT) investors who suffered losses of $300k or more to submit your losses now.
Class Period: Feb. 17, 2021 – July 5, 2022
Lead Plaintiff Deadline: Apr. 17, 2023
Visit: www.hbsslaw.com/investor-fraud/KRNT
Contact An Attorney Now: [email protected]
844-916-0895
Kornit Digital Ltd. (KRNT, Financial) Securities Fraud Class Action:
According to the complaint, Kornit falsely touted its competitive advantages and assured investors that the strong demand for its products would enable it to limit risks associated with its highly concentrated customer base.
Defendants concealed that: (1) severe quality control problems and customer service deficiencies plagued Kornit’s digital printing business; (2) those problems caused the company to cede market share to competitors; and (3) as a result, the company’s revenues would decrease as customers went elsewhere for their digital printing needs.
The truth began to emerge on Mar. 28, 2022, when two of Kornit’s major customers (Delta and Fanatics) announced their months-long collaboration with Kornit competitor M&R Printing.
Then, on May 11, 2022, Kornit announced a disappointing Q1 2022 net loss, guided for Q2 2022 revenues well below analyst expectations, and admitted knowing for at least the previous two quarters that Delta decided to acquire digital printing systems from a competitor.
Finally, on July 5, 2022, Kornit announced its preliminary Q2 2022 financial results, missing guided revenues by 35%.
In response to these events, the price of Kornit shares has traded sharply lower.
“We’re focused on investors’ losses and proving Kornit lied about its purported competitive advantages,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Kornit and have substantial losses in excess of $300,000, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Kornit should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
