Investigation of 3D Systems Corp.
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3D Systems Corp. (DDD) Lacked Proper Internal Controls Over Financial Reporting
Throughout the class period, 3D Systems attested to the accuracy of its financial reporting and disclosure controls and procedures.
On March 1, 2021, 3D Systems issued a press release announcing a delay in filing their 10-K annual report for the fiscal year ended December 31, 2020. Specifically, “the delay in filing is primarily related to the presentation of cash flows associated with the divestiture process for its Cimatron and GibbsCam software business.” Further, “the company discovered certain internal control deficiencies. As a result, the company will report material weaknesses in internal controls in its fiscal 2020 Annual Report on Form 10-K.” On March 2, 2021, 3D Systems filed a NT-10-K with the SEC, stating that their 10-K filing would be delayed for the reasons stated in their March 1 release. On this news, 3D Systems stock price fell $7.62 per share, or almost 20%, to close at $31.17 per share on March 2, 2021.