James (Josh) Wilson, Securities Law Partner, encourages investors who have suffered losses greater than $ 100,000 in Desktop Metal to contact him directly to discuss their options.
NEW YORK – (NewMediaWire) – December 24, 2021 – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Desktop Metal, Inc. (Desktop Metal or the company) (NYSE: DM) and reminds investors of the February 21 deadline 2022 to seek the position of principal plaintiff in a federal securities class action lawsuit that has been filed against the Company.
If you suffered losses greater than $ 100,000 while investing in Desktop Metal stocks or options between March 15, 2021 and November 15, 2021 and would like to discuss your legal rights, to call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 Where 212-983-9330 (Ext. 1310). You can also click here for more information: www.faruqilaw.com/DM.
There is no cost or obligation for you.
Faruqi & Faruqi is a leading national minority and women-owned securities law firm, with offices in New York City, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the company and its officers violated federal securities laws by making false and / or misleading statements and / or failing to disclose that: (1 ) that there were deficiencies in the manufacturing and compliance practices and procedures of EnvisionTEC products; (2) that the aforementioned shortcomings presented a significant risk to the commercialization of EnvisionTECs products; and (3) that as a result of the foregoing, the Defendants’ positive statements regarding the activities, operations and prospects of the Company were misleading and / or lacked reasonable basis.
On February 16, 2021, the Company acquired EnvisionTEC, Inc. and certain of its affiliates (collectively, EnvisionTEC), a provider of mass-produced photopolymer 3D printing solutions for end-use parts.
On November 8, 2021, after the market closed, Desktop Metal revealed that it was conducting an internal investigation into certain issues, including manufacturing and product compliance practices and procedures regarding a subset of its photopolymer equipment and materials in its EnvisionTec US LLC plant. . The Company also said that the CEO of EnvisionTec US LLC has resigned.
At this news, Companys’ 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 said it would notify the United States Food and Drug Administration (FDA) of compliance issues with certain shipments of EnvisionTEC Flexcera dental resins and its casing. PCA4000 hardening.
At the news, Desktop Metals stock fell $ 1.19, or 14.8%, to close at $ 6.83 per share on November 16, 2021, hurting investors.
The principal plaintiff appointed by the court is the investor with the greatest financial interest in the remedy sought by the group who is adequate and typical of the members of the group who are directing and supervising the litigation on behalf of the putative group. Any putative class member can propose to the court to serve as lead plaintiff through any lawyer they choose, or they can choose to do nothing and remain an absent member of the class. Your ability to participate in any clawback is not affected by the decision whether or not to serve as the lead applicant.
Faruqi & Faruqi, LLP also encourages anyone with information regarding the conduct of Desktop Metals to contact the company, including whistleblowers, former employees, shareholders, and others.
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