SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP announces that a class action lawsuit has been filed in the Eastern District of New York on behalf of purchasers of 3D Systems Corp. (NYSE:DDD) publicly traded securities between May 6, 2020 to March 1, 2021 (the “Class Period”). The case is captioned Kehoe v. 3D Systems Corp., No. 21-cv-01920, and is assigned to Judge Nicholas Garaufis. The 3D Systems class action lawsuit charges 3D Systems and certain of its executives with violations of the Securities Exchange Act of 1934.
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased 3D Systems publicly traded securities during the Class Period to seek appointment as lead plaintiff in the 3D Systems class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the 3D Systems class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the 3D Systems class action lawsuit. An investor’s ability to share in any potential future recovery of the 3D Systems class action lawsuit is not dependent upon serving as lead plaintiff. If you wish to serve as lead plaintiff of the 3D Systems class action lawsuit or have questions concerning your rights regarding the 3D Systems class action lawsuit, please provide your information here or contact counsel, Jennifer Caringal of Robbins Geller, at 800/449-4900 or 619/231-1058 or via e-mail at email@example.com. Lead plaintiff motions for the 3D Systems class action lawsuit must be filed with the court no later than June 9, 2021.
3D Systems provides 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, on-demand manufacturing services, and digital design tools.
The 3D Systems class action lawsuit alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) 3D Systems lacked proper internal controls over financial reporting; and (ii) as a result, 3D Systems’ public statements were materially false and/or misleading at all relevant times.
On March 1, 2021, 3D Systems announced that it would “delay filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020.” In doing so, 3D Systems revealed that “the delay in filing is primarily related to the presentation of cash flows associated with the divestiture process for its Cimatron and GibbsCam software businesses.” 3D Systems further disclosed that “[i]n the course of preparing its financial results for the fourth quarter and full year 2020, [3D Systems] discovered certain internal control deficiencies” and that “[a]s a result, [3D Systems] will report material weaknesses in internal controls in its fiscal 2020 Annual Report on Form 10-K.” On this news, 3D Systems’ stock price fell by nearly 20%, damaging investors.
Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities class action litigation. With 200 lawyers in 9 offices, Robbins Geller has obtained many of the largest securities class action recoveries in history. For eight consecutive years, ISS Securities Class Action Services has ranked the Firm in its annual SCAS Top 50 Report as one of the top law firms in the world in both amount recovered for shareholders and total number of class action settlements. Robbins Geller attorneys have helped shape the securities laws and have recovered tens of billions of dollars on behalf of aggrieved victims. Beyond securing financial recoveries for defrauded investors, Robbins Geller also specializes in implementing corporate governance reforms, helping to improve the financial markets for investors worldwide. Robbins Geller attorneys are consistently recognized by courts, professional organizations, and the media as leading lawyers in the industry. Please visit http://www.rgrdlaw.com for more information.