DESKTOP METAL, INC. (NYSE: DM) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit Has Been Filed Against Desktop Metal, Inc. (NYSE: DM)
NEW YORK, Dec. 22, 2021 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired securities of Desktop Metal, Inc. ("Desktop" or the "Company") (NYSE: DM) between March 15, 2021 and November 15, 2021, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Massachusetts and alleges violations of the Securities Exchange Act of 1934.
If you purchased or otherwise acquired Desktop securities, and/or would like to discuss your legal rights and options, please visit Desktop Metal, Inc. Shareholder Class Action Lawsuit or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Desktop purports to offer additive manufacturing technologies focused on the production of end use parts. The Company's platforms include: Production System, a manufacturing platform using the Company's proprietary Single Pass Jetting technology enabling production quantities of up to millions of parts per year; Shop System, an affordable turnkey binding jetting platform to bring metal 3D printing to machine and job shops; Studio System, an office-friendly metal 3D printing system; and Fiber, a desktop 3D printer using the Company's proprietary Micro Automated Fiber Placement.
On February 16, 2021, the Company acquired EnvisionTEC, Inc. and certain of its affiliates (collectively, "EnvisionTEC"), a provider of volume production photopolymer 3D printing solutions for end use parts.
According to the complaint, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) there were deficiencies in EnvisionTEC's manufacturing and product compliance practices and procedures; (ii) the foregoing deficiencies presented a material risk to the commercialization of EnvisionTEC's products; and (iii) as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On November 8, 2021, after the market closed, Desktop disclosed that it was conducting an internal investigation into certain matters, including "manufacturing and product compliance practices and procedures with respect to a subset of its photopolymer equipment and materials at its EnvisionTec US LLC facility." The Company also stated that the Chief Executive Officer of EnvisionTec US LLC had resigned.
On this news, the Company's stock fell $0.39, or 4%, to close at $8.81 per share on November 9, 2021.
Then, on November 15, 2021, after the market closed, the Company stated that it would notify the U.S. Food and Drug Administration FDA of "compliance issues with certain shipments of EnvisionTEC's Flexcera dental resins and its PCA4000 curing box."
On this news, the Company's stock fell $1.19, or 15%, to close at $6.83 per share on November 16, 2021, on unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than February 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired Desktop securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/desktopmetalinc-dm-shareholder-lawsuit-class-action-fraud-stock-471/ or contact Joe Seidman toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Joe Seidman
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE Bernstein Liebhard LLP
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