Kornit Digital Ltd. (KRNT)
SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Kornit Digital Ltd. (KRNT)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Kornit Digital Ltd. (“Kornit” or the “Company”) (NASDAQ: KRNT).
The investigation concerns whether Kornit and certain of its officers and/or directors have violated federal securities laws.
On May 7, 2019, Spruce Point Capital Management (“Spruce Point”) published a report regarding Kornit, entitled “Teed Up And Printing Rebates”. The Spruce Point report alleged, among other issues, that Kornit was “not adequately disclosing” the terms of Amazon price rebates; that there was “a discrepancy between reported Amazon revenues in Kornit’s filings”; and 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 9.35%, to close at $25.51 per share on May 7, 2019. Then, on August 6, 2019, post-market, Kornit announced 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, Kornit’s stock price fell sharply during intraday trading on August 7, 2019.
If you are aware of any facts relating to this investigation, or purchased Kornit shares, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.