Recent Security Class Actions

Kornit Digital Ltd. Ordinary Shares (NASDAQ: KRNT)

Company Name:Kornit Digital Ltd. Ordinary Shares
Stock Symbol:NASDAQ: KRNT
Class Period Start:02/17/2021
Class Period End (inclusive):07/05/2022
Filing Deadline:04/17/2023

On May 11, 2022, the Company disclosed a net loss of $5.2 million for 1Q 2022 (compared to a profit of $5.1 million in the prior year period) and revenue guidance for 2Q 2022 significantly below analysts’ expectations due to a slowdown in orders.  The Company also admitted that, for at least the previous two quarters, it knew that one of its major customers had acquired services from a competitor. On this news, shares of Kornit fell by $18.78 per share, or 33%.  Then, on July 5, 2022, the Company disclosed expected revenue for 2Q 2022 in the range of $56.4 million to $59.4 million, well below the previous revenue guidance of between $85 million and $95 million, which it attributed to “a significantly slower pace of direct-to-garment (DTG) systems orders in the second quarter as compared to our prior expectations.”  On this news, shares of Kornit declined an additional $8.10 per share, or 25.7%.