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NEW YORK, July 03, 2015 (GLOBE NEWSWIRE) -- 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 United States District Court, District of South Carolina, Rock Hill Division, is on behalf of a class consisting of all persons or entities who purchased 3D Systems securities between October 29, 2013 and October 22, 2014 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged 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 August 14, 2015 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@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
3D Systems Corporation, through its subsidiaries, operates as a provider of 3D printing centric design-to-manufacturing solutions in the Americas, Germany, and the Asia-Pacific, as well as other European, the Middle East, and African countries. The company’s 3D printers transform data input from the format generated by 3D design software, CAD software, or 3D scanning and sculpting devices to printed parts using integrated, engineered plastic, metal, nylon, rubber, wax, and composite print materials. It offers stereo lithography, selective laser sintering, direct metal, multi-jet, color jet, and film transfer imaging printers, as well as plastic jet printing 3D printers.
The Complaint alleges that throughout the Class Period, 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.
On October 29, 2013, 3D’s CEO and President, Defendant Reichental, proclaimed that the Company had “decided to triple our manufacturing capacity over the next 12 months, as well as accelerate the development of additional direct metal 3D printer models.” Defendant Reichental also touted the strategic value of the Company’s recent acquisitions. In addition, on February 28, 2014, Reichental also represented that “our plan is [to] quadruple [direct metal printing] sales over the next 12 to 18 months.”
On July 31, 2014, 3D issued its second quarter results whereby the Company missed analysts’ expectations and reported revenue of $151.5 million on delays in the rollout of new products and disappointing guidance. On this news, the Company’s share price fell nearly 11%.
On October 22, 2014, the Company surprised the market by announcing 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 shares plummeted over 15% on high volume.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, 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 70 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.
CONTACT:Robert S. WilloughbyPomerantz LLPrswilloughby@pomlaw.com