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NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors that class action lawsuits have been filed on behalf of stockholders of 3D Systems Corporation, Plug Power Inc., SOS Limited, and XL Fleet Corp. Investors have until the deadlines below to apply to the Court to be appointed as lead plaintiff in the lawsuit. Additional information about each case can be found at the links provided below.
3D Systems Corporation (“3D Systems” or the “Company”) (NYSE: DDD)
Class Period: May 6, 2020 to March 1, 2021
Lead Plaintiff Deadline: June 8, 2021
3D Systems is a holding company that offers three-dimensional (3D) printing solutions, including 3D printers, print materials, software, on demand manufacturing services and digital design tools.
On March 1, 2021, 3D Systems issued a press release advising investors that it would delay the filing of its annual report on a Form 10-K. The Company stated that “the delay in filing is primarily related to the presentation of cash flows associated with the divestiture process for its Cimatron and GibbsCam software businesses.” 3D Systems also stated that it had identified “certain internal control deficiencies” and that, as a result, it would “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.
On this news, 3D Systems’ stock price declined by $7.62 per share, or more than 19.6%, from closing at $38.79 per share on March 1, 2021 to close at $31.17 per share on March 2, 2021, damaging investors.
The lawsuit alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) 3D Systems lacked proper internal controls over financial reporting; and (2) as a result, 3D Systems’ public statements were materially false and/or misleading at all relevant times.
For additional information on the 3D Systems lawsuit please visit this website.
Plug Power Inc. (“Plug” or the “Company”) (NASDAQ: PLUG)
Class Period: November 9, 2020 to March 1, 2021
Lead Plaintiff Deadline: May 7, 2021
On March 2, 2021, before the market opened, Plug filed a Notification of Late Filing with the SEC stating that it could not timely file its annual report for the period ended December 31, 2020 because the Company was completing a “review and assessment of the treatment of certain costs with regards to classification between Research and Development versus Costs of Goods Sold, the recoverability of right of use assets associated with certain leases, and certain internal controls over these and other areas.” The Company stated that “[i]t is possible that one or more of these items may result in charges or adjustments to current and/or prior period financial statements.”
On this news, the Company’s stock price declined by $3.68 per share, or approximately 7%,from $52.46 per share to close at $48.78 per share on March 2, 2021, on unusually heavy trading volume. The share price declined by $9.48 per share, or approximately 19.4%, over the next three consecutive trading sessions to close at $39.30 per share on March 5, 2021.
The lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company would be unable to timely file its 2020 annual report due to delays related to the review of classification of certain costs and the recoverability of the right to use assets with certain leases; (2) that the Company was reasonably likely to report material weaknesses in its internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For additional information on the Plug lawsuit please visit this website.
SOS Limited (“SOS” or the “Company”) (NYSE: SOS)
Class Period: July 22, 2020 to February 25, 2021
Lead Plaintiff Deadline: June 1, 2021
On February 26, 2021 Hindenburg Research (“Hindenburg”) and Culper Research (“Culper”) released commentary on SOS, claiming that the Company was an intricate “pump and dump” scheme that used fake addresses and doctored photos of crypto rigs to create an illusion of success.
On this news, SOS’s American depositary share (“ADS”) price declined by $1.27 per ADS, or approximately 21.03%, to close at $4.77 per ADS on February 26, 2021.
The lawsuit alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose to investors: (i) SOS had misrepresented the true nature, location, and/or existence of at least one of the principal executive offices listed in its SEC filings; (ii) HY and FXK were either undisclosed related parties and/or entities fabricated by the Company; (iii) the Company had misrepresented the type and/or existence of the mining rigs that it claimed to have purchased; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For additional information on the SOS lawsuit please visit this website.
XL Fleet Corp. (“XL” or the “Company”) (NYSE: XL)
Class Period: October 2, 2020 to March 2, 2021
Lead Plaintiff Deadline: May 7, 2021
On March 3, 2021, Muddy Waters Research published a report entitled “XL Fleet Corp. (NYSE: XL): More SPAC Trash,” alleging, among other things, that salespeople “were pressured to inflate their sales pipelines materially in order to mislead XL’s board and investors” and that “customer reorder rates are in reality quite low” due to “poor performance and regulatory issues.” Citing interviews with former employees, the report alleged that “at least 18 of 33 customers XL featured were inactive.” Muddy Waters also claimed that XL has “weak technology” and that “XL’s announcement of future class 7-8 upfits seems highly promotional” because the task is “too technologically complex for XL engineers to deliver on the promised timeline.”
On this news, the Company’s stock price declined by $2.09 per share, or approximately 13%, to close at $13.86 per share on March 3, 2021, on unusually heavy trading volume. The share price continued to decline by $2.69 per share, or approximately 19.4%, over the next two consecutive trading sessions to close at $11.17 per share on March 5, 2021, on unusually heavy trading volume.
The lawsuit alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that XL Fleet’s salespeople were pressured to inflate their sales pipelines to boost the Company’s reported sales and backlog; (2) that at least 18 of the 33 customers that XL featured were inactive and had not placed an order since 2019; (3) that XL’s technology had been materially overstated and offered only 5% to 10% of fleet savings; (4) that XL lacks the supply chain and engineers to roll out new products on the announced timelines; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
For additional information on the XL lawsuit please visit this website.
About Kirby McInerney LLP:
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
investigations@kmllp.com
www.kmllp.com
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