Case Page

 

Case Status:    DISMISSED    
On or around 06/30/2016 (Court's order of dismissal)

Filing Date: February 05, 2015

According to the law firm press release, Stratasys manufactures three-dimensional printers and describes itself as a leading global provider of additive manufacturing solutions. The Company’s products are used by designers, engineers, and manufacturers to visualize, verify, and communicate product designs.

The complaint alleges that during the Class Period, defendants issued false and misleading statements and/or failed to disclose adverse facts about the Company’s business and future prospects. Specifically, during the Class Period defendants repeatedly issued positive statements regarding the Company’s recently acquired subsidiary MakerBot and its products and significantly raised the Company’s 2014 financial guidance. As a result of these false and misleading statements and omissions, Stratasys stock traded at artificially inflated prices throughout the Class Period, reaching a high of $129.28 in September 2014 and allowing the Company to complete two stock offerings which netted the selling shareholders more than $230 million.

Then, on February 2, 2015, Stratasys announced that its fourth quarter fiscal 2014 revenue would miss analysts’ expectations, largely based on problems with its MakerBot subsidiary. The Company also revealed that it was taking a $100 million to $110 million impairment charge to the goodwill value of the recently acquired MakerBot subsidiary, pointing to slower growth of MakerBot products and services revenue. Stratasys also announced that revenue for the full year 2014 would be between $748 million and $750 million, lower than the $764 million analysts had been modeling and below prior guidance of $750 million to $770 million. For 2015, the Company announced that it expected revenues of $940 million to $960 million, also short of market expectations of $1 billion. The reduced forecast implied slower organic growth.

On this news of the Company’s unexpected earnings miss, weak forecast, impairment charge, and newly revealed problems with MakerBot, the price of Stratasys common stock dropped. After closing at $80.08 per share on February 2, 2015, the stock opened trading at $57.00 per share on February 3, 2015, ultimately falling $22.72 per share – or 28% – to close at $57.36 per share as numerous analysts downgraded their ratings of Stratasys stock.

On June 30, 2016, the Court issued an Order granting Defendants' Motion to Dismiss with prejudice.

COMPANY INFORMATION:

Sector: Technology
Industry: Computer Peripherals
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SSYS
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 15-CV-00455
JUDGE: Hon. Patrick J. Schiltz
DATE FILED: 02/05/2015
CLASS PERIOD START: 05/09/2014
CLASS PERIOD END: 02/02/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  3. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date
COURT: D. Minnesota
DOCKET #: 15-CV-00455
JUDGE: Hon. Patrick J. Schiltz
DATE FILED: 07/01/2015
CLASS PERIOD START: 01/06/2014
CLASS PERIOD END: 04/28/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
  3. Zimmerman Reed, LLP
    1100 IDS Center, 80 South 8th Street , Zimmerman Reed, LLP, MN 55402
    612.341.0400 612.341.0844 · info@zimmreed.com
No Document Title Filing Date