3D Systems Corp. (NASDAQ: DDD) stock surged by 1.7% at the last close while the 3D Systems stock price gains further by 1.06% in the pre-market trading session. 3D Systems, based in Rock Hill, South Carolina, designs, produces, and sells 3D printers, 3D printing products, and 3D scanners, as well as providing a 3D printing facility. Chuck Hull, 3D System’s former president, and CTO invented stereolithography and received a patent for it in 1986.
What is happening?
Glancy Prongay & Murray LLP reminded plaintiffs on May 17, 2021, that the closing date to file a lead plaintiff petition in the class action brought on behalf of investors who bought or otherwise acquired 3D Systems Corporation shares between May 6, 2020, and March 1, 2021, inclusive (the “Class Period”) was approaching on June 8, 2021.
Defendants made knowingly inaccurate and/or misleading claims during the Class Period, according to the lawsuit, and refused to reveal significant adverse information regarding 3D Systems’ industry, activities, and prospects. Defendants specifically refused to inform investors that:
- 3D Systems violated adequate internal controls on financial reporting.
- As a result, Defendants’ claims about 3D Systems, activities, and prospects were materially inaccurate and deceptive and/or lacked a fair basis at all applicable times.
3D Systems filed an NT-10K with the Securities and Exchange Commission on March 2, 2021, reporting that its 10-K filing will be postponed for the reasons stated in their March 1, 2021 press release. On this news, 3D Systems’ stock dropped $7.62 per share, or 19.6%, to close at $31.17 per share on March 2, 2021, causing investors to lose money.