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SAN FRANCISCO, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Hagens Berman urges Desktop Metal, Inc. (NYSE: DM) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations and certain investors may have valuable claims.
Desktop Metal, Inc. (DM) Investigation:
The investigation focuses on Desktop Metal’s disclosures concerning its widely touted $300 million acquisition of EnvisionTEC, which closed on Feb. 16, 2021, and concerning claims 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.
Within months after the acquisition, on Nov. 8, 2021, the company announced that in response to a whistleblower complaint its audit committee opened an internal investigation into manufacturing and compliance practices and procedures at the EnvisionTEC US facility in Dearborn, Michigan. The company said the complaint and investigation relate to EnvisionTEC’s manufacturing and compliance procedures with respect to certain polymer equipment and materials.
The same day, Desktop Metal announced the resignation of EnvisionTEC’s founder and CEO (Ali El Siblani).
Then, on Nov. 15, 2021, the company announced that, as of Nov. 12, 2021, based on compliance issues with certain shipments of EnvisionTEC’s Flexera dental resins and its PCA4000 curing box the company would notify the FDA.
These events sent the price of Desktop Metal shares sharply lower.
“We’re focused on investors’ losses and whether Desktop Metal lied about the benefits of the EnvisionTEC acquisition,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Desktop Metal and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Desktop Metal should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email DM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895