This lawsuit is for anyone who acquired securities in Kornit Digital Ltd. (NASDAQ: KRNT) from February 17, 2021 through July 5, 2022.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by telling investors that the Company's printers were so technologically advanced, and its customer service so good, that the Company faced no meaningful competition, when, in fact, several large customers were dissatisfied with both the Company's print quality and customer service.
On May 11, 2022, Kornit released its first quarter 2022 financial results, reporting a net loss of $5.2 million and lowering second quarter revenue expectations by $13 million. The Company blamed a slowdown in orders in the e-commerce segment while also revealing that one of its largest customers had decided to acquire digital printing systems from one of Kornit’s competitors. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on July 5, 2022, after the market closed, Kornit released its preliminary financial results for the second quarter of 2022, disclosing a significant revenue shortfall during the quarter. Instead of previous guidance expectations of $85 million to $95 million, the Company estimated a range of $56.4 million to $59.4 million. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Kornit Digital Ltd. (NASDAQ: KRNT) from February 17, 2021 through July 5, 2022 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.