RADNOR, Pa.–(BUSINESS WIRE)–$DM–The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed against Desktop Metal, Inc. (“Desktop Metal”) (NYSE: DM). The action charges Desktop Metal with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Desktop Metal’s materially misleading statements to the public, Desktop Metal investors have suffered significant losses.
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LEAD PLAINTIFF DEADLINE: February 22, 2022
CLASS PERIOD: March 15, 2021 through November 15, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at firstname.lastname@example.org
DESKTOP METAL’S ALLEGED MISCONDUCT
Desktop Metal manufactures and sells additive manufacturing solutions for engineers, designers, and manufacturers. Its platforms include, among others, Shop System, an affordable turnkey binding jetting platform to bring metal 3D printing to machine and job shops. On February 16, 2021, Desktop Metal acquired EnvisionTEC, Inc. and certain of its affiliates (collectively, “EnvisionTEC”), a provider of volume production photopolymer 3D printing solutions for end use parts.
On November 8, 2021, Desktop Metal revealed that “[o]n November 4, 2021, the Audit Committee of the Board of Directors of Desktop Metal, Inc.…engaged a third party to conduct an independent internal investigation as a result of a whistleblower complaint relating to, among other matters, manufacturing and product compliance practices and procedures with respect to a subset of its photopolymer equipment and materials at its EnvisionTec US LLC facility in Dearborn, Michigan.” Additionally, Desktop Metal disclosed that the Chief Executive Officer of EnvisionTec US LLC had resigned. Following this news, Desktop Metal’s stock fell $0.39, or 4%, to close at $8.81 per share on November 9, 2021.
Then, on November 15, 2021, Desktop Metal stated 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.” Following this news, Desktop Metal’s stock fell $1.19, or 15%, to close at $6.83 per share on November 16, 2021.
WHAT CAN I DO?
Desktop Metal investors may, no later than February 22, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Desktop Metal investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)