BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT) investors concerning the Company’s possible violations of federal securities laws.
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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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