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KRNT.US
id: 582

Kornit Digital Ltd. (KRNT) Misleading Case

D. New Jersey
Court
23-CV-00888
Case number
17 Apr 2023
Lead Plaintiff motion deadline
  • 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.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Price manipulation
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Shareholder
Investment Bank
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
05 July 2022
Filing date
15 February 2023
Lead Plaintiff Deadline
17 April 2023
Collecting participants…

Kornit Digital Ltd

Kornit Digital Ltd. develops, designs, and markets digital printing solutions for the fashion, apparel, and home decor segments of printed textile industry in the United States, Europe, the Middle ...

    Ticker
    KRNT.US
    ISIN
    IL0011216723
    Sector
    Industrials
    Industry
    Specialty Industrial Machinery
    Country
    USA
    Address
    12 Ha`Amal Street, Rosh Haayin, Israel, 4809246