An investigation on behalf of investors in Cognyte Software Ltd. (NASDAQ:CGNT) shares over potential wrongdoing at Cognyte Software Ltd. was announced.
San Diego, CA -- (SBWIRE) -- 09/02/2022 -- Certain directors of Cognyte Software Ltd. are investigation over potential breaches of fiduciary duties.
Investors who purchased shares of Cognyte Software Ltd. (NASDAQ: CGNT) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Cognyte Software directors breached their fiduciary duties and caused damage to the company and its shareholders.
Israel based Cognyte Software Ltd. provides an investigative analytics software to governments and enterprises worldwide. Cognyte Software Ltd. reported that its Total Revenue rose from $443.45 million for the 12 months period that ended on January 31, 2021, to $474.04 million for the 12 months period that ended on January 31, 2022, and that its Net Income of $14.2 million for the 12 months period that ended on January 31, 2021, declined to a Net Loss of $14.89 million for the 12 months period that ended on January 31, 2022.
On April 5, 2022, Cognyte Software Ltd. reported its fourth quarter 2021 financial results, including revenue of $125 million, which was about $3.5 million below the midpoint of the Company's own guidance. Cognyte cited "lower conversions within its product pipeline," along with supply chain issues. During the related conference call, Cognyte's Chief Executive Officer stated that "a longer sales cycle [resulted] in the lower-than-expected bookings in Q4" and acknowledged that management "didn't execute well."
Shares of Cognyte Software Ltd. (NASDAQ: CGNT) declined from $12.82 per share on March 23, 2022, to as low as $5.98 per share on May 11, 2022.
Those who purchased shares of Cognyte Software Ltd. (NASDAQ: CGNT) have certain options and should contact the Shareholders Foundation.
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