LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 3D Systems Corporation (“3D Systems” or the “Company”) (NYSE: DDD) securities between May 6, 2020 and March 1, 2021, inclusive (the “Class Period”). 3D Systems investors have until June 8, 2021 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
3D Systems is a holding company that offers three-dimensional (3D) printing solutions, including 3D printers, print materials, software, on demand manufacturing services and digital design tools.
On March 1, 2021, 3D Systems issued a press release advising investors that it will delay the filing of its annual report on a Form 10-K. The Company stated 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 also stated that it had identified “certain internal control deficiencies” and that, as a result, it would “report material weaknesses in internal controls in its fiscal 2020 Annual Report on Form 10-K.”
On March 2, 2021, 3D Systems filed a NT-10K with the SEC, stating that its 10-K filing would be delayed for the reasons listed in their March 1, 2021 press release.
On this news, 3D Systems’ stock price fell $7.62 per share, or 19.6%, to close at $31.17 per share on March 2, 2021, thereby injuring investors.
The complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 3D Systems lacked proper internal controls over financial reporting; and
(2) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased 3D Systems securities during the Class Period, you may move the Court no later than June 8, 2021 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased 3D Systems 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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