NEW
YORK, March 31, 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=37901&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