NEW YORK, Feb. 25, 2015 (GLOBE NEWSWIRE) -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Stratasys, Ltd. ("Stratasys" or the "Company") (Nasdaq:SSYS) on behalf of investors who purchased or otherwise acquired the common stock of the Company during the period from June 20, 2013 through February 2, 2015 (the "Class Period).
If you purchased Stratasys during the Class Period, you may, no later than April 6, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you want more information about the Stratasys Shareholder Class Action, contact Morgan & Morgan at 1(800) 732-5200 or email info@morgansecuritieslaw.com
Stratasys manufactures three-dimensional ("3D") printers. Complaint alleges violations of the Securities Exchange Act of 1934 stating 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. On June 19, 2013, Stratasys announced the signing of a definitive merger agreement whereby privately held Cooperation Technology Corporation or "MakerBot" agreed to merge with a subsidiary of Stratasys in a stock-for-stock transaction. MakerBot was founded in 2009 and is a recognized brand in the desktop 3D printing market. On February 2, 2015, after the close of the financial markets, Stratasys announced preliminary 2014 financial results as well as full-year 2015 guidance. The Company provided much lower than expected results (impacted by slower growth of MakerBot product and services revenue), disclosed a new investment plan that is expected to increase operating expenditures in 2015 and subsequent years, and also revealed that in December 2014, the Company updated the goodwill impairment analysis of its MakerBot reporting unit. As a result of the impairment analysis, the Company is expecting to recognize a non-cash, non-tax-deductible goodwill impairment charge of approximately $100 million to $110 million in the fourth quarter. Following this news, Stratasys stock price dropped, more than 28%, from $80.08 per share on February 2, 2015 to close at $57.36 per share on February 3, 2015.
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