お知らせ • Jun 24
Pomerantz Law Firm Announces the Filing of A Class Action Against 3D Systems Corporation
Pomerantz LLP announces that a class action lawsuit has been filed against 3D Systems Corporation and certain officers. The class action, filed in the United States District Court for the District of Delaware, and docketed under 25-cv-00734, is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired 3D Systems securities between August 13, 2024 and May 12, 2025, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials. 3D Systems provides 3D printing and digital manufacturing solutions in North and South America, Europe, the Middle East, Africa, the Asia Pacific, and Oceania. The Company earns revenue from the sale of products and services through its two operating segments: Healthcare Solutions and Industrial Solutions. The Healthcare Solutions segment includes dental, medical devices, personalized health services, and regenerative medicine (the “Regenerative Medicine Program”). The Company considers milestone criteria (and any updates thereto) when accounting for recognized revenue from the United Partnership. Specifically, the Company earns milestone payments based upon the achievement of agreed-upon contract objectives (i.e. milestones). Because these payments are contingent on future events, they generally represent a form of variable consideration. Under Accounting Standards Codification 606-10-32-5, the revenue recognition standard—a uniform framework for recognizing revenue from contracts with customers—requires an entity to estimate the amount of variable consideration to which it will be entitled under a contract. Accordingly, as the United Partnership milestone criteria are updated, the Company must also update its estimates of the timing and probability that it will receive milestone payments when accounting for recognized revenue. In March 2025, 3D Systems released its full-year 2025 guidance. Among other items, the Company projected “[r]evenue within the range of $420 million to $435 million, representing essentially flat to modest growth,” “[n]on-GAAP Gross Profit Margin within the range of 37% to 39%,” “[n]on-GAAP Operating Expense within the range of $200 million to $220 million,” and “[a]djusted EBITDA to be break even or better in Fourth Quarter 2025.”. The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) 3D Systems had understated the impact of weakened customer spending on the Company’s business, while overstating its resilience in challenging industry conditions; (ii) in addition, the updated milestone criteria in the United Partnership would negatively impact the Company’s Regenerative Medicine Program revenue; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times. On March 26, 2025, 3D Systems issued a press release announcing its financial results for the fourth quarter (“Q4”) and full-year 2024. Among other items, 3D Systems reported Fourth Quarter non-GAAP earnings-per-share of -$0.19, missing consensus estimates by $0.08 per share, and sales revenue of $111 million, representing a -3.4% year-over-year decline and missing consensus estimates by $4.17 million. Further, for full-year 2024, the Company reported sales of $440.1 million, a decrease of 10% compared to the prior year, driven by “lower hardware systems sales due to macroeconomic factors that are negatively impacting demand.” Finally, 3D systems reported a “$9 million revenue reduction in Fourth Quarter driven by a change in accounting estimates for [the Company’s] Regenerative Medicine program.” The Company disclosed that “[t]his change in estimate [was] related to the now anticipated use of pre-clinical human decedent testing[,] [. . .] which led to refinement of the milestone technical criteria.” On this news, 3D Systems’ stock price fell $0.57 per share, or 20.96%, to close at $2.15 per share on March 27, 2025. Then, after the market closed on May 12, 2025, 3D Systems issued a press release announcing its financial results for the first quarter (“Q1”) of 2025. Among other items, 3D systems reported: revenue of $94.5 million, down 8% year-over-year and missing consensus estimates of $99.5 million; a net loss of $37 million, or $0.28 per share, more than doubling the $16 million loss reported in First Quarter 2024; an adjusted loss of $0.21 per share, deeper than consensus estimates of a loss of $0.14 per share; and adjusted EBITDA of a loss of $23.9 million, deepening from a $20.1 million loss in First Quarter 2024. The Company attributed its disappointing results, in part, to a decline in material sales, mostly due to inventory management issues in the dental portion of its Healthcare Solutions segment. 3D Systems also announced that it was withdrawing its full-year 2025 outlook, citing prolonged softness in customer capital spending and macroeconomic uncertainty. On this news, 3D Systems’ stock price fell $0.68 per share, or 26.6%, to close at $1.87 per share on May 13, 2025.