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NEW YORK, Dec. 03, 2021 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Desktop Metal, Inc. (“Desktop Metal” or the “Company”) (NYSE: DM). The investigation concerns whether Desktop Metal has violated the federal securities laws and/or engaged in other unlawful business practices.
On February 16, 2021, Desktop Metal entered into a $300 million acquisition of EnvisionTEC claiming that the acquisition well-positioned the Company to offer customers a complete platform across polymers and metals for volume production photopolymer 3D printing solutions for end-use parts.
On November 8, 2021, after the market closed, Desktop Metal disclosed that it was conducting an internal investigation into matters raised by a whistleblower complaint, including “manufacturing and product compliance practices and procedures with respect to a subset of its photopolymer equipment and materials at its EnvisionTec US LLC facility.” The Company also stated that the Chief Executive Officer of EnvisionTec US LLC had resigned. On this news, the Company’s share price declined by $0.39 per share, or approximately 4.2%, from $9.20 per share to close at $8.81 per share on November 9, 2021.
Then, on November 15, 2021, the Company stated that it would notify the U.S. Food and Drug Administration (“FDA”) of “compliance issues with certain shipments of EnvisionTEC’s Flexcera dental resins and its PCA4000 curing box.” On this news, the Company’s share price declined by $1.19 per share, or approximately 14.8%, from $8.02 per share to close at $6.83 per share on November 16, 2021.
If you purchased or otherwise acquired Desktop Metal securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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