Jun 16, 2015, 04:28 ET
NEW YORK, June 16, 2015 /PRNewswire/ -- Bernstein Liebhard LLP today alerts investors that a class action has been commenced in the United States District Court for the District of South Carolina on behalf of purchasers (the "Class") of securities of 3D Systems Corporation ("3D" or the "Company") (NYSE: DDD) during the period of October 29, 2013 and October 22, 2014 (the "Class Period") alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
The Complaint alleges that Defendants drove up 3D's stock price by issuing false and misleading statements concerning the Company's (i) ability to increase the capacity of its metal printing business; (ii) demand for its consumer products; (iii) the value of multiple companies it was acquiring; and (iv) expected earnings.
Specifically, on October 29, 2013, 3D's President proclaimed the Company had "decided to triple manufacturing capacity over the next 12 months." On February 28, 2014, he further stated the Company's plan was to "quadruple direct metal printing sales over the next 12 to 18 months." The Complaint alleges the Company had no basis for making these representations.
On October 22, 2014, contrary to the previously touted expectations, the Company announced disappointing preliminary Q3 results and guided lower full year revenue and earnings. In a press release, the Company blamed its disappointing results on capacity constraints for its direct metal printers.
On this news, 3D's stock price fell $6.71 per share, or over 15%, on unusually high volume.
Plaintiffs seek to recover damages on behalf of all Class members who purchased shares of 3D during the Class Period. If you purchased 3D securities as described above, and either lost money on the transaction or still hold the security, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than August 14, 2015.
A "lead plaintiff" is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you are interested in discussing your rights as a 3D shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or [email protected].
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs' firms in the country.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of South Carolina.
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Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
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