Robbins Arroyo LLP: Stratasys Ltd. (SSYS) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of Stratasys Ltd. (NASDAQGS: SSYS) has filed a federal securities fraud class action complaint in the U.S. District Court for the District of Minnesota. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between May 9, 2014 and February 2, 2015. Stratasys manufactures three-dimensional printers.
Stratasys Misrepresents Its Business Practices
On February 3, 2015, shares of Stratasys dropped $22.72 per share, or 28%, to close at $57.36 per share following the company’s announcement that it would miss analysts’ expectations of its fourth quarter fiscal 2014 revenue, that earnings per share for 2014 would fall significantly short of the guidance repeatedly projected by defendants, and that it would miss its forecasted 2015 revenue. Stratasys also announced that it would be taking a $100 to $110 million impairment charge to the goodwill value of MakerBot, a newly acquired subsidiary. According to the complaint, it was defendants’ statements to the investing public during the class period regarding the MakerBot product line that negatively impacted the company’s 2014 and 2015 financial performance.
Stratasys Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.