NEW YORK, June 23, 2015 /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
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
rswilloughby@pomlaw.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.
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. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/shareholder-alert-pomerantz-law-firm-announces-the-filing-of-a-class-action-against-3d-systems-corporation-and-certain-officers--ddd-300103933.html
SOURCE Pomerantz LLP