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:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (628) 895-0423
F: (212) 537-5887
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SOURCE Jakubowitz Law