SAN FRANCISCO, CA / ACCESSWIRE / April 7, 2023 / Hagens Berman urges Kornit Digital Ltd. (NASDAQ:KRNT) investors who suffered losses of $300k or more to submit your losses now.
Class Period: Feb. 17, 2021 - July 5, 2022
Lead Plaintiff Deadline: Apr. 17, 2023
Visit: www.hbsslaw.com/investor-fraud/KRNT
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Kornit Digital Ltd. (KRNT) Securities Fraud Class Action:
According to the complaint, Kornit falsely touted its competitive advantages and assured investors that the strong demand for its products would enable it to limit risks associated with its highly concentrated customer base.
Defendants concealed that: (1) severe quality control problems and customer service deficiencies plagued Kornit's digital printing business; (2) those problems caused the company to cede market share to competitors; and (3) as a result, the company's revenues would decrease as customers went elsewhere for their digital printing needs.
The truth began to emerge on Mar. 28, 2022, when two of Kornit's major customers (Delta and Fanatics) announced their months-long collaboration with Kornit competitor M&R Printing.
Then, on May 11, 2022, Kornit announced a disappointing Q1 2022 net loss, guided for Q2 2022 revenues well below analyst expectations, and admitted knowing for at least the previous two quarters that Delta decided to acquire digital printing systems from a competitor.
Finally, on July 5, 2022, Kornit announced its preliminary Q2 2022...
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