Motley Rice, as co-lead counsel, has reached a $50 million settlement with 3D System Corp. on behalf of shareholders who purchased the company’s common stock between Oct. 29, 2013, and May 5, 2015 and suffered losses allegedly related to fraud. KBC Asset Management NV served as the lead plaintiff.
The settlement resolved litigation related to allegations that 3D Systems misled shareholders regarding expected earnings, demand for its products, and the success of the integration of recently acquired companies, among other matters. Lead Plaintiff alleged that 3D Systems made several false statements during the class period which inflated the company’s stock price and caused shareholders to suffer significant losses when the misrepresentations were corrected.
“After several years of hard fought litigation, this is an excellent result for 3D Systems shareholders,” stated Josh Littlejohn, a securities class action lawyer with Motley Rice who worked on the case. “We believe it to be one of the largest, if not the largest, securities fraud class action settlements in South Carolina history.”
The settlement was approved during a hearing June 25, 2018 before U.S. District Judge Mary Geiger Lewis for the District of South Carolina.
Over the course of approximately three years, Motley Rice attorneys James M. Hughes, Joshua C. Littlejohn, and Christopher F. Moriarty litigated the case on behalf of the Lead Plaintiff and class members.
All shareholders who purchased common stock during the class period may submit a Proof of Claim and Release online at www.3DSystemsSecuritiesSettlement.com or by mail by July 11, 2018.