According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- Kornit and its senior executives knew or, at a minimum, recklessly disregarded, that the Company’s digital printing business was beset by significant quality control problems and deficient customer service;
- as a result, Kornit was more vulnerable to pressure from competitors than it had represented and lacked the competitive advantages it touted to investors;
- as a result, problems and deficiencies caused Kornit to lose 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; and
- to the extent that the Company purported to warn of risks regarding quality and customer service issues as well as increased competition, Kornit failed to disclose that such risks had already materialized.
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