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id: 582, Created by Stan Vick, Scout
Kornit Digital Ltd. (KRNT) Misleading Case
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D. New JerseyCourt
- On July 5, 2022, Kornit Digital Ltd. (KRNT) disclosed that it would report a significant revenue shortfall in the quarter.
- KRNT's stock plunged over 25%, wiping out $400M of the Company's capitalization.
- Investors suspect the Company and its Leaders made multiple financial misrepresentations that led to damages to shareholders.
On July 5, 2022, Kornit Digital Ltd. (NASDAQ: KRNT)announced its preliminary financial results for Q2 2022 where the Company disclosed that it would report a significant revenue shortfall in the quarter.
Specifically, Kornit expected revenue for Q2 to be in the range of $56.4 million to $59.4 million. That represented a reduction of more than 35% at the midpoint of Kornit’s previous revenue guidance of between $85 million and $95 million that the Company provided less than two months earlier,
In May 2022. Kornit attributed these poor results to “a significantly slower pace of direct-to-garment (DTG) systems orders in Q2 as compared to our prior expectations.”
As a result of these disclosures, the price of Kornit stock plunged by 25.7%, seriously damaging investors.
Taking all representations and consequent facts into account, Investors have reasons to suspect the Company and its Leaders of multiple financial misrepresentations that led to damages to shareholders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
05 July 2022
15 February 2023
Lead Plaintiff Deadline
17 April 2023