NEW YORK, May 2, 2021 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against 3D Systems Corporation ("3D Systems" or the "Company") (NYSE: DDD) and certain of its officers. The class action, filed in the United States District Court for the Eastern District of New York, and docketed under 21-cv-02383, is on behalf of a class consisting of all persons and entities other than Defendants who purchased or otherwise acquired the publicly traded securities of 3D Systems from May 7, 2020 to March 1, 2021 (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased 3D Systems securities during the Class Period, you have until June 8, 2021 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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 complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business. Specifically, 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 issued a press release announcing a delay of filing the Company's 10-K annual report for the fiscal year ended December 31, 2020, noting 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," while revealing that the Company had "discovered certain internal control deficiencies" and "will report material weaknesses in internal controls in its fiscal 2020 Annual Report on Form 10-K."
On March 2, 2021, 3D Systems filed a Form NT 10-K with the United States Securities and Exchange Commission, stating that the Company's 10-K filing would be delayed for the reasons listed in its March 1, 2021 press release.
On 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, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com