April 09, 2021 - An investor in shares of 3D Systems Corporation (NYSE: DDD) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by 3D Systems Corporation in connection with certain allegedly false and misleading statements made between May 6, 2020 and March 1, 2021.
Rock Hill, SC based 3D Systems Corporation, through its subsidiaries, provides 3D printing and digital manufacturing solutions worldwide.
3D Systems Corporation reported that its annual Total Revenue declined from $629.09 million in 2019 to $557.24 million in 2020, and that its Net Loss increased from $69.88 million in 2019 to $149.59 million in 2020.
On March 1, 2021, after trading hours, 3D Systems Corporation advised investors that it was unable to timely file its annual report for 2020, while reporting unaudited fourth quarter and full year 2020 financial results. The Company further 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."
Shares of 3D Systems Corporation (NYSE: DDD) declined from $55.96 per share on February 9, 2021 to as low as $22.00 per share on March 5, 2021.
According to the complaint the plaintiff alleges on behalf of purchasers of 3D Systems Corporation (NYSE: DDD) common shares between May 6, 2020 and March 1, 2021, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 6, 2020 and March 1, 2021, the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that 3D Systems lacked proper internal controls over financial reporting, and that as a result, 3D Systems' public statements were materially false and/or misleading at all relevant times.