Kornit Digital Ltd.
|Company Name||Kornit Digital Ltd.|
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.
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