BOSTON, Feb. 03, 2022 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that it has filed a class action lawsuit on behalf of shareholders against Desktop Metal, Inc. (NYSE: DM) and certain of its executives for securities fraud. The complaint expands the class period that was asserted in a previously filed related securities class action pending against Desktop Metal captioned Luongo v. Desktop Metal, Inc., No. 1:21-cv-12099 (D. Mass.), and is brought on behalf of investors that incurred damages on their purchases in Desktop Metal common stock between February 17, 2021 and November 15, 2021, inclusive (the “Class Period”).
Block & Leviton filed this action on behalf of its client, Oscar Guzman-Martinez, and the case is captioned Guzman-Martinez v. Desktop Metal, Inc., 1:22-cv-10173 (D. Mass.). A class has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Investors who purchased Desktop Metal shares between February 17, 2021 and November 15, 2021 and who lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or to visit our website for information on the case.
The deadline to seek appointment as lead plaintiff is February 22, 2022.
What is this all about?
Desktop Metal designs and markets 3-D printing systems for engineers and manufacturers and is headquartered in Burlington, Massachusetts. On February 16, 2021, Desktop Metal acquired EnvisionTEC, Inc., a photopolymer 3D printing solutions producer.
After the market closed on November 8, 2021, Desktop Metal disclosed that it was conducting an independent investigation resulting from an internal whistleblower complaint concerning the company’s EnvisionTEC subsidiary. The company also disclosed that the CEO of EnvisionTEC US LLC had resigned. Then on November 15, 2021, after the market had closed, the company disclosed compliance issues with shipments of EnvisionTEC’s Flexcera dental resins and its PCA 4000 curing box, and that the company would notify the U.S. Food and Drug Administration (“FDA”) of these issues.
Shares of Desktop Metal stock fell as much as 7% in intraday trading on November 9, 2021, after the initial disclosure, and dropped 15% in intraday trading on November 16, 2021, following the subsequent after-market hours disclosures on November 15, 2021.
If you purchased or acquired Desktop Metal shares between February 17, 2021 and November 15, 2021 and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or visit our website. The deadline to seek appointment as lead plaintiff is February 22, 2022.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com
