RADNOR, Pa., April 18, 2021 /PRNewswire/ -- The law firm of Kessler Topaz Meltzer & Check, LLP reminds investors that a securities fraud class action lawsuit has been filed in the United States District Court for the Eastern District of New York against 3D Systems Corp. (NYSE: DDD) ("3D Systems") on behalf of those who purchased or acquired 3D Systems securities between May 6, 2020 and March 1, 2021, inclusive (the "Class Period").
Deadline Reminder: Investors who purchased or acquired 3D Systems securities during the Class Period may, no later than June 8, 2021, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please contact Kessler Topaz Meltzer & Check, LLP: James Maro, Esq. (484) 270-1453 or Adrienne Bell, Esq. (484) 270-1435; toll free at (844) 887-9500; via e-mail at [email protected]; or click https://www.ktmc.com/3d-systems-class-action-lawsuit?utm_source=PR&utm_medium=Link&utm_campaign=3d
3D Systems provides comprehensive 3D printing and digital manufacturing solutions, including 3D printers for plastics and metals, materials, software, on-demand manufacturing services, and digital design tools.
The Class Period commences on May 6, 2020, when after the market closed, 3D Systems filed a Form 10-Q quarterly report for the quarterly period ended March 31, 2020. As part that filing, certain of the defendants included certifications attesting to, among other things, the accuracy of financial reporting, the disclosure of any material changes to the company's internal control over financial reporting and the disclosure of all fraud. Thereafter, 3D Systems filed quarterly reports on August 5, 2020 and November 5, 2020, attesting to the accuracy of the same information.
On March 1, 2021, 3D Systems issued a press release announcing a delay of filing its 10-K Annual Report for the fiscal year ended December 31, 2020. In pertinent part, the press release stated that 3D Systems will delay filing its Annual Report on a Form 10-K and that the delay "is primarily related to the presentation of cash flows associated with the divestiture process for its Cimatron and GibbsCam software businesses." Further, 3D Systems stated, "the company will report material weaknesses in internal controls in its fiscal 2020 Annual Report on Form 10-K."
Following this news, 3D Systems' stock price fell $7.62 per share, or more than 19.6%, from closing at $38.79 per share on March 1, 2021 to close at $31.17 per share on March 2, 2021.
The complaint alleges that, throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) 3D Systems lacked proper internal controls over financial reporting; and (2) as a result, 3D Systems' public statements were materially false and/or misleading at all relevant times.
3D Systems investors may, no later than June 8, 2021, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP