According to the Complaint, Kornit Digital Ltd. designs and manufactures digital printing solutions for the fashion, apparel, and home goods segments of the printed textile industry.

The Complaint alleges that throughout the Class Period, Defendants made numerous materially false and misleading statements and omissions concerning Kornit’s business and operations. Specifically, the Complaint alleges Defendants repeatedly touted the competitive advantages provided by Kornit’s technology and assured investors that the Company faced virtually no meaningful competition in the “direct-to-garment” printing market, while also assuring investors that there was strong demand for Kornit’s digital printing systems and consumable products, such as textile inks, as well as for the services the Company provides customers to maintain and manage its digital printers, and to manage customer workflow. The Complaint alleges that Defendants knew, or at a minimum, recklessly disregarded, that the Company’s digital printing business was plagued by severe quality control problems and customer service deficiencies, that those problems and deficiencies caused Kornit to cede market share to competitors, which, in turn, led to a decrease in the Company’s revenue as customers went elsewhere for their digital printing needs. As a result of Defendants’ misrepresentations, the Complaint alleges Kornit ordinary shares traded at artificially inflated prices throughout the Class Period.

On August 30, 2023, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 23-CV-00888.

Lead Plaintiff filed a consolidated Complaint on October 27, 2023. Defendants filed a Motion to Dismiss the consolidated Complaint on December 21. On August 15, 2024, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed an amended consolidated Complaint on November 8, 2024.