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CGNT.US
id: 595, Created by Stan Vick Chase, Scout
Join Cognyte Software LTD (CGNT) Misconduct Case to Fight Losses
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
- Cognyte Software LTD (CGNT) released its Q1 2022 financial results which badly missed analyst estimates across the board.
- Cognyte’s shares declined 28%, seriously damaging investors.
- Investors suspect Cognyte & its Leaders of multiple violations.
On June 28, 2022, Cognyte released its Q1 2022 financial results which badly missed analyst estimates across the board. Cognyte’s 1Q22 revenue of $87 million, represented a decline of 25%. Analysts were expecting a decline of 2%.
In response, analysts immediately downgraded the Company’s rating and reduced their price targets. William Blair, for example, downgraded Cognyte to “market perform” and concluded that Cognyte’s “low pipeline conversion” issues were a symptom of a broader problem, stating in the relevant part: Cognyte’s brand has been negatively impacted by increased scrutiny of the cyber intelligence industry and fellow Israel cyber surveillance firm NSO Group. Last fall, the U.S. government blacklisted the NSO Group after a multitude of reports surfaced that its software was being used inappropriately by governments to spy on citizens with dissenting views. While we believe there is value to cyber intelligence, we believe that it is important for investors and customers that there are rigid safeguards in place and high transparency to ensure that the software is used in an ethical manner.
On this news, Cognyte’s shares declined 28.66%, seriously damaging investors.
Going back, on December 16, 2021, Meta issued a “Threat Report,” which included the results of its “months-long” investigation into the “surveillance-for-hire industry,” revealing for the first time that Cognyte (along with six private companies) regularly targeted, without their knowledge, journalists, dissidents, critics of authoritarian regimes, families of opposition, and human rights activists around the world, and collected intelligence on these people by manipulating them to reveal information and/or by compromising their devices and accounts, in violation of Facebook’s “multiple community standards and Terms of Service.”
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. By December 22, 2021, Cognyte’s stock had fallen to trade at $15 per share, representing a decline of nearly 21%.
Taking all representations and consequent results into account, Investors have grounds to suspect that the Company and its Leaders made multiple violations which in turn led to damages for shareholders.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
28 June 2022
Case number
23-CV-01769
Filing date
01 March 2023
Lead Plaintiff Deadline
01 May 2023
Court
Southern District of New York