Lawsuit Overview
June 30, 2016 - The court granted defendants' motion to dismiss with prejudice.
August 31, 2015 - Defendants filed a motion to dismiss.
July 1, 2015 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Stratasys Ltd (NASDAQ: SSYS) common shares between January 6, 2014 and April 28, 2015. The lead plaintiffs allege that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 6, 2014 and April 28, 2015.
April 24, 2015 - Lead plaintiffs and lead counsel were appointed.
April 6, 2015 - Lead plaintiff motions were filed.
February 5, 2015 - An investor in shares of Stratasys Ltd (NASDAQ: SSYS) filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Stratasys Ltd in connection with certain allegedly false and misleading statements made between May 9, 2014 and February 2, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Stratasys Ltd (NASDAQ: SSYS) common shares between May 9, 2014 and February 2, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between May 9, 2014 and February 2, 2015 defendants repeatedly issued positive statements regarding Stratasys Ltd’s recently acquired subsidiary MakerBot and its products and significantly raised the Company’s 2014 financial guidance and that as a result of these allegedly false and misleading statements and omissions, Stratasys Ltd stock traded at allegedly artificially inflated prices between May 9, 2014 and February 2, 2015, 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.
On February 2, 2015, Stratasys Ltd reported its preliminary fiscaly 2014 financial results and provided its 2015 guidance. Stratasys Ltd said that during December 2014, Stratasys Ltd updated the goodwill impairment analysis of its MakerBot reporting unit and that as a result, Stratasys Ltd expects to recognize a non-cash, non-tax-deductible goodwill impairment charge of approximately $100 to $110 million in the fourth quarter. Stratasys Ltd said that the fourth quarter was impacted by slower growth of MakerBot product and services revenue during the period. Stratasys Ltd also announced that it expects to report fiscal year 2014 revenue in the range of $748 to $750 million. However, the plaintiff says that this is lower than the $764 million analysts had been modeling and below prior guidance of $750 million to $770 million.
Furthermore, Stratasys Ltd announced that for 2015, it expected revenues of $940 million to $960 million, However, the plaintiff says that this is lower than market expectations of $1 billion.
Shares of Stratasys Ltd declined to as low as $51.55 per share on February 3, 2015.