Robbins Geller and Co-Counsel Score Class Certification Victory in 3D Systems
On September 28, 2017, Judge Mary Geiger Lewis, United States District Judge for the District of South Carolina, certified KBC Asset Management NV (“KBC”) as class representative and appointed Motley Rice and Robbins Geller as class counsel in KBC Asset Management NV v. 3D Systems Corporation.
The securities fraud case against 3D Systems Corporation (“3D Systems”), its former CEO Abraham N. Reichental, and former CFOs Damon J. Gregoire and Ted Hull alleges that 3D Systems, a manufacturer and seller of 3D printing products and services, misrepresented the true financial and operational state of the company during a rapid, ill-fated expansion strategy they had undertaken. During the class period, defendants Reichental and Gregoire sold their own shares of company stock for total proceeds of over $17 million.
In certifying the class, the court noted with “firm conviction [that] KBC has shown substantial commitment and involvement in this litigation and has demonstrated it is [an] adequate” class representative. When denying defendants’ claims, the court stated there was no sufficient evidence to convince it that there was “no price impact.” Moreover, the court determined that Motley Rice and Robbins Geller are “well suited to serve” as class counsel in the securities fraud case.
KBC Asset Management NV v. 3D Systems Corporation, et al., No. 0:15-cv-02393-MGL (D.S.C.).
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