INVESTOR NOTIFICATION: Kessler Topaz Meltzer & Check, LLP Announces Lead Plaintiff Deadline on May 1, 2023 in Securities Fraud Class Action Lawsuit Filed against Cognyte Software Ltd.
News provided byKessler Topaz Meltzer & Check LLP
Mar 18, 2023, 7:02 PM ET
RADNOR, Pa., March 18, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Cognyte Software Ltd. (“Cognyte”) (NASDAQ: CGNT). The action charges Cognyte with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Cognyte’s materially misleading statements and omissions to the public, Cognyte’s investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: MAY 1, 2023
CLASS PERIOD: FEBRUARY 2, 2021 THROUGH JUNE 28, 2022
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
COGNYTE’S ALLEGED MISCONDUCT
On December 16, 2021, after the market closed, Meta Platforms, Inc. issued a “Threat Report,” which included the results of a months-long investigation into the “surveillance-for-hire industry,” and revealed that Cognyte regularly targeted journalists, dissidents, critics of authoritarian regimes, families of opposition, and human rights activists around the world, without their knowledge, and collected intelligence on these people by manipulating them to reveal information and/or by compromising their devices and accounts. Following this news, Cognyte’s stock price fell $1.96, or 10.3%, over the next two consecutive trading days to close at $17.01 per share on December 20, 2021.
Then, on April 5, 2022, Cognyte issued its 2021 Annual Report, disclosing that the company was forced to modify its solutions in response to the Threat Report, “which impacted the manner [its] customers [could] use these solutions.” Additionally, Cognyte missed analyst consensus estimates for certain financial metrics and significantly undershot the midpoint of its guidance range by several millions of dollars. Following this news, Cognyte’s stock price fell $3.63, or 31.1%, to close at $8.03 per share on April 5, 2022.
On June 28, 2022, Cognyte released its first quarter 2022 financial results, missing analyst estimates across the board, including a revenue decline of 25%. Following this news, Cognyte’s stock price fell $1.84, or 28.7%, to close at $4.58 per share on June 28, 2022.
WHAT CAN I DO?
Cognyte investors may, no later than May 1, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Cognyte investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Cognyte, City of Omaha Police and Firefighters Retirement System v. Cognyte Software Ltd., et al. Case No. 23-cv-01769, is pending in the United States District Court for the Southern District of New York before the Honorable Lorna Gail Schofield.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
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