The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Kornit Digital Ltd. (NASDAQ: KRNT) common stock between August 10, 2021, and July 5, 2022, including purchases directly in Kornit Digital’s November 19, 2021 public stock offering.
According to the Kornit Digital lawsuit, throughout the Class Period defendants 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.
If you suffered a loss in Kornit Digital you have until April 17, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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