NEW YORK, March 21, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer, LLP reminds investors that a complaint has been filed on behalf of investors of Cognyte Software Ltd. (“Cognyte” or the “Company”) (NASDAQ: CGNT) between February 2, 2021 and June 28, 2022, inclusive (the “Class Period”).
If you acquired Cognyte common stock during the Class Period and would like to discuss this case, please click here. Or, you may contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than May 1, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
According to the complaint, on December 16, 2021, after the market closed, Meta, the parent company of Facebook and Instagram, issued a “Threat Report,” which included the results of its “months long” investigation into the “surveillance-for-hire industry,” revealing for the first that Cognyte regularly targeted, without their knowledge, journalists, dissidents, critics of authoritarian regimes, families of opposition, and human rights activists around the world. This conduct “violated multiple Community Standards and Terms of Service,” and “given the severity of their violations” Meta disabled Cognyte’s ability to use its platforms. On this news, the price of Cognyte’s common stock fell 5.11%, closing on December 17, 2021, at $18 per share, before declining another 5.5% the next trading day.
Then, on April 5, 2022, according to the complaint, Cognyte issued its 2021 Annual Report revealing that the Company was forced to modify its solutions in response to the Threat Report. On that same day, Cognyte reported its fourth quarter 2021 financial results and is alleged to have badly missed analyst consensus estimates for non-GAAP earnings per share and sales. On this news, Cognyte’s stock price plummeted over 31% on unusually high trading volume, closing at $8.03 per share on April 5, 2022.
Finally, on June 28, 2022, Cognyte released its first quarter 2022 financial results. According to the complaint. these results once again badly missed analyst estimates across the board. On this news, Cognyte’s shares declined $1.84, or 28.66%, to close at $4.58 per share on June 28, 2022.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
