Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Kornit Digital Ltd. (KRNT)

Law Offices of Howard G. Smith reminds investors of the upcoming April 17, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) ordinary shares between February 17, 2021 and July 5, 2022, inclusive (the “Class Period”).

Investors suffering losses on their Kornit investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On May 11, 2022, Kornit released its first quarter 2022 financial results, reporting a net loss of $5.2 million and lowering second quarter revenue expectations by $13 million. The Company blamed a slowdown in orders in the e-commerce segment while also revealing that one of its largest customers had decided to acquire digital printing systems from one of Kornit’s competitors.

On this news, Kornit’s stock price fell $18.78, or 33.3%, to close at $37.63 per share on May 11, 2022, thereby injuring investors.

Then, on July 5, 2022, after the market closed, Kornit released its preliminary financial results for the second quarter of 2022, disclosing a significant revenue shortfall during the quarter. Instead of previous guidance expectations of $85 million to $95 million, the Company estimated a range of $56.4 million to $59.4 million.

On this news, Kornit’s stock price fell $8.10, or 25.7%, to close at $23.46 per share on July 6, 2022, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) the Company’s digital printing business was beset by significant quality control problems and deficient customer service; (ii) as a result, Kornit was more vulnerable to pressure from competitors than it had represented and lacked the competitive advantages it touted to investors; and (iii) as a result of the foregoing, Kornit lost market share to competitors, which led to a decline in the Company’s revenues, as Kornit’s dissatisfied customers sought out alternative options for their digital printing needs.

If you purchased or otherwise acquired Kornit ordinary shares during the Class Period, you may move the Court no later than April 17, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005370/en/