Robbins Geller Rudman & Dowd LLP announced that it has filed a class action lawsuit seeking to represent purchasers of Kornit Digital Ltd. (NASDAQ: KRNT) common stock between August 10, 2021 and July 5, 2022, inclusive (the “Class Period”), including directly in Kornit Digital’s November 19, 2021 public stock offering (the “Offering”). Captioned Cleveland Bakers and Teamsters Pension Fund v. Kornit Digital Ltd., No. 23-cv-00971 (D.N.J.), the Kornit Digital class action lawsuit charges Kornit Digital and certain of Kornit Digital’s top executives, directors, Amazon.com NV Investment Holdings LLC, and underwriters of the Offering with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Kornit Digital class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-kornit-digital-ltd-class-action-lawsuit-krnt.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Kornit Digital class action lawsuit must be filed with the court no later than April 17, 2023.
CASE ALLEGATIONS: Kornit Digital develops, designs, and markets digital fashion and textile production technologies, with a focus on digital printing and cloud-based software for the global printed textile industry.
The Kornit Digital class action lawsuit alleges that defendants throughout the Class Period made 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.
The plaintiff is represented by Robbins Geller, which has extensive experience in prosecuting investor class actions including actions involving financial fraud. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Kornit Digital common stock during the Class Period, including directly in the Offering, to seek appointment as lead plaintiff in the Kornit Digital class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Kornit Digital class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Kornit Digital class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Kornit Digital class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors in 2021 – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
