SAN DIEGO, Jan. 8, 2023 /PRNewswire/ — Robbins Geller Rudman & Dowd LLP announces that purchasers of Desktop Metal, Inc. (NYSE: DM) securities between March 15, 2023 and November 15, 2023, inclusive (the “Class Period”) have until February 22, 2023 to seek appointment in Luongo v. Desktop Metal, Inc., No. 21-cv-12099 (D. Mass.). Commenced on December 21, 2023 and assigned to Judge Indira Talwani, the Desktop Metal class action lawsuit charges Desktop Metal and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff of the Desktop Metal class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected]. Lead plaintiff motions for the Desktop Metal class action lawsuit must be filed with the court no later than February 22, 2023.
CASE ALLEGATIONS: On February 16, 2023, Desktop Metal acquired EnvisionTEC, Inc. and certain of its affiliates, a provider of volume production photopolymer 3D printing solutions for end use parts.
The Desktop Metal class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) there were deficiencies in EnvisionTEC’s manufacturing and product compliance practices and procedures; (ii) the deficiencies presented a material risk to the commercialization of EnvisionTEC’s products; and (iii) as a result, defendants’ positive statements about Desktop Metal’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On November 8, 2023, Desktop Metal 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.” Desktop Metal also stated that the Chief Executive Officer of EnvisionTec US LLC had resigned. On this news, Desktop Metal’s stock price fell.
Then, on November 15, 2023, Desktop Metal revealed that it would notify the U.S. Food and Drug Administration of “compliance issues with certain shipments of EnvisionTEC’s Flexcera dental resins and its PCA4000 curing box.” On this news, Desktop Metal’s stock price fell by an additional 15%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Desktop Metal securities during the Class Period to seek appointment as lead plaintiff in the Desktop Metal class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Desktop Metal class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Desktop Metal class action lawsuit. An investor’s ability to share in any potential future recovery of the Desktop Metal class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm. Please visit http://www.rgrdlaw.com for more information.
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
[email protected]
SOURCE Robbins Geller Rudman & Dowd LLP
