LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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, Kornit’s stock price fell $18.78, or 33.3%, to close at $37.63 per share on May 11, 2022, thereby injuring investors.
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, Kornit’s stock price fell $8.10, or 25.7%, to close at $23.46 per share on July 6, 2022, thereby injuring investors further.
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If you purchased Kornit securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
