The Kornit Digital class action lawsuit seeks to represent purchasers of Kornit Digital Ltd. (NASDAQ: KRNT) common stock between August 10, 2021 and July 5, 2022, inclusive (the “Class Period”), including directly in Kornit Digital’s November 19, 2021 public stock offering (the “Offering”). Captioned Cleveland Bakers and Teamsters Pension Fund v. Kornit Digital Ltd., No. 23-cv-00971 (D.N.J.), the Kornit Digital class action lawsuit charges Kornit Digital and certain of Kornit Digital’s top executives, directors, Amazon.com NV Investment Holdings LLC, and underwriters of the Offering with violations of the Securities Act of 1933 and/or the Securities Exchange Act of 1934.
If you suffered losses in Kornit Digital stock and wish to serve as lead plaintiff of the Kornit Digital class action lawsuit, please provide your information below. You can also contact Kornit Digital Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at t[email protected]. Lead plaintiff motions for the Kornit Digital class action lawsuit must be filed with the court no later than April 17, 2023. If you suffered losses in Kornit Digital stock and have questions, please contact Kornit Digital stock loss lawyer Timothy L. Miles today.
What Are the Allegations in the Kornit Digital Lawsuit?
Kornit Digital develops, designs, and markets digital fashion and textile production technologies, with a focus on digital printing and cloud-based software for the global printed textile industry.
The Kornit Digital class action lawsuit alleges that defendants throughout the Class Period 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.
What Is the Lead Plaintiff Process in the Kornit Digital Lawsuit?
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Kornit Digital stock to seek appointment as lead plaintiff in the in the Kornit Digital class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.
The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Will the Lead Plaintiffs Get More Money than Class Members if the Class Action Lawsuit Settles?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff in the Kornit Digital class action lawsuit which directly relates to the representation of the class.
How Was the Class Period in the Kornit Digital Class Action Lawsuit Determined?
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public trough a corrective disclosure.
In order to be a part of the class in the Kornit Digital class action lawsuit, you must have suffered damages in Kornit Digital stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated.
Contact a Kornit Digital Stock Loss Lawyer if You Suffered Losses in Kornit Digital Stock
If you suffered losses in Kornit Digital stock, contact Kornit Digital stock loss lawyer Timothy L. Miles today for a free case evaluation about a Kornit Digital class action lawsuit.
TIMOTHY L. MILES, ESQ.
Timothy L. Miles, Esq. is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more.
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