3D Systems Corporation (NYSE: DDD) Investor Securities Class Action Lawsuit 06/12/2015

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Company Name(s): 
3D Systems
Case Name: 
3D Systems Shareholder Class Action Lawsuit 06/12/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: DDD
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
06/12/2015
Class Period Begin: 
10/29/2013
Class Period End: 
05/05/2015
Court of Filing: 
U.S. District Court for the District of South Carolina
Deadline To File for Lead: 
08/14/2015
Date Settled: 
02/20/2018
Settlement Amount: 
$50,000,000
Deadline to Participate in Settlement: 
07/11/2018
Summary: 

June 25, 2018 - The court approved the settlement.

February 20, 2018 - The court preliminarily approved the settlement.

February 15, 2018 - Parties filed a stipulation of settlement.

July 25, 2016 - The court denied defendants' motion to dismiss.

January 14, 2016 - Defendants filed a motion to dismiss.

November 30, 2015 - The lead plaintiff filed an amended consolidated complaint.

October 1, 2015 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

August 14, 2015 - Lead plaintiff motions were filed.

June 12, 2015 - An investor in shares of 3D Systems Corporation (NYSE: DDD) filed a lawsuit in the U.S. District Court for the District of South Carolina over alleged violations of Federal Securities Laws by 3D Systems Corporation in connection with certain allegedly false and misleading statements made between October 29, 2013 and October 22, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of 3D Systems Corporation (NYSE: DDD) common shares between October 29, 2013 and October 22, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 29, 2013 and October 22, 2014 Defendants allegedly drove up 3D Systems Corporation’s stock price by issuing allegedly false and misleading statements concerning 3D Systems Corporation’s ability to increase the capacity of its metal printing business, the demand for its consumer products, the value of multiple companies it was acquiring, and the expected earnings. The plaintiff says that the truth was finally revealed on October 22, 2014, when 3D Systems Corporation surprised the market by announcing disappointing preliminary third quarter results and guided lower full year revenue and earnings.

On October 23, 2013 3D Systems Corporation reported its third quarter 2013 results. Among other things, 3D Systems Corporation said that it updated its annual guidance for the full year 2013, increasing its revenue guidance to be in the range of $500 million to $530 million and, consistent with the step up in discretionary spending, reducing its non-GAAP earnings per share guidance to be in the range of $0.93 to $1.03.

Shares of 3D Systems Corporation (NYSE: DDD) grew from $29.16 in March 2013 to as high as $96.42 per share in January 2014.

On February 28, 2014, 3D Systems Corporation reported its fourth quarter and full year 2013 results. 3D Systems Corporation reported that its annual Total Revenue rose from $353.63 million in 2012 to $513.40 million in 2013 and that its respective Net Income increased from $38.94 million to $44.11 million.

On October 22, 2014, 3D Systems Corporation announced its preliminary third quarter 2014 results. Among other things, 3D Systems Corporation said that factoring in its third quarter revenue shortfall and outlook for the remainder of the year, its management trimmed its previous guidance for the full year 2014 and that its management now expects revenue in the range of $650 million to $690 million, and GAAP earnings per share of $0.18 to $0.28 and non-GAAP earnings per share in the range of $0.70 to $0.80.

On February 26, 2015, 3D Systems Corporation reported its revenue for the fourth quarter and full year 2014. 3D Systems Corporation reported that its annual Total Revenue rose from $513.40 million in 2013 to $653.65 million in 2014 while its Net Income declined from $44.11 million in 2013 to $11.64 million in 2014.

Shares of 3D Systems Corporation (NYSE: DDD) declined from over $96 per share in early 2014 to as low as $20.82 per share on May 15, 2015.