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KRNT.US

id: 582

Kornit Digital Ltd. (KRNT) Misleading Case

The court has approved the settlement.

$19,500,000

Cash Settlement

D. New Jersey

Court

2:23-CV-00888

Case number

02/17/2021

Class period Start

07/05/2022

Class period End

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.

Case Type

US Securities Class Action

Case Status

Preliminary Approved Settlement

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

Payout per Share

0.53

Filing date

02/15/2023

Lead Plaintiff Deadline

04/17/2023

Plaintiffs

Genesee County Employees' Retirement System

Attorneys

Bernstein Litowitz Berger & Grossmann LLP (New York, NY), Carella Byrne Cecchi Brody Agnello, P.C. (Roseland, NJ), VanOverbeke Michaud & Timmony, P.C. (Detroit, MI)

Defendants

Ronen Samuel, Alon Rozner

Administrator

JND Legal Administration

Attorney fee

$4,640,000

Trades matching type

FIFO

Kornit Digital Ltd. (KRNT) Misleading Case

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