LOS ANGELES–(BUSINESS WIRE)–$KRNT—Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) investors concerning the Company and its officers’ possible violations of federal securities laws.
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If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
On May 7, 2019, Spruce Point Capital Management (“Spruce Point”) published a report alleging, among other things: (i) that Kornit was “not adequately disclosing” the terms of Amazon price rebates; (ii) that there was “a discrepancy between reported Amazon revenues in Kornit’s filings”; and (iii) Kornit had engaged in “aggressive tactic[s]” with respect to reporting the cost of warrants granted to Amazon, “which the SEC questioned, and made [Kornit] restate results.”
On this news, Kornit’s stock price fell $2.63 per share, or over 9%, to close at $25.51 per share on May 7, 2019, thereby injuring investors.
Then August 6, 2019, post-market, Kornit released its financial results for the second quarter of 2019, disclosing a significant decline in gross margin, “primarily driven by impact of warrants, product mix and new product introduction.”
On this news, the Company’s stock price fell $2.58 per share, or over 8%, to close at $27.29 per share on August 7, 2019, thereby injuring investors further.
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 Lesley F. Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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