You or someone in your family may have purchased or otherwise acquired shares of 3D Systems common stock during the period from October 29, 2013, through and including May 5, 2015, inclusive, and been damaged thereby.
The Court directed that the Notice be sent to Class Members because they had a right to know about a proposed settlement of a class action lawsuit, and about all of their options, before the Court decided whether to approve the Settlement.
The Notice explains the lawsuit, the Settlement, Class Members’ legal rights, what benefits are available, who is eligible for them, and how to get them.Back To Top
In a class action, one or more people called lead plaintiff (in this case KBC Asset Management NV) sue on behalf of people and entities who have similar claims. All these people and entities are a class or class members. Bringing a case, such as this one, as a class action allows adjudication of many similar claims of persons and entities that might be economically too small to bring in individual actions. One court resolves the issues for all class members, except for those who exclude themselves from the class.Back To Top
The Court did not finally decide in favor of Lead Plaintiff or Defendants. Instead, both sides, with the assistance of retired United States District Judge Layn R. Phillips acting as a mediator, agreed to a settlement. That way, they avoid the risks and cost of a trial. The Lead Plaintiff and its attorneys think the Settlement is in the best interest of the Class.Back To Top
The Court directed, for the purposes of the Settlement, that everyone who fits this description is a Class Member: All persons and entities that purchased, or otherwise acquired shares of 3D Systems common stock during the period from October 29, 2013, through and including May 5, 2015, and been damaged thereby.
There are some individuals and entities that are excluded from the Class by definition. Excluded from the Class are: 3D Systems; the Individual Defendants; members of the Immediate Family of each of the Individual Defendants; the Officers and Directors of 3D Systems during the Class Period; the heirs, successors, and assigns of any excluded person or entity; and any entity in which any excluded person has or had a controlling interest. Also excluded from the Class is any Class Member who timely and validly excluded themselves by submitting a request for exclusion in accordance with the requirements explained in the Notice.
If one of your mutual funds purchased shares of 3D Systems common stock during the Class Period, that alone does not make you a Class Member. You are a Class Member only if you directly purchased or otherwise acquired shares of 3D Systems common stock during the Class Period. If you sold 3D Systems common stock during the Class Period, that alone does not make you a Class Member. You are a Class Member only if you purchased or otherwise acquired your shares during the Class Period. Check your investment records or contact your broker to see if you purchased or otherwise 3D Systems common stock during the Class Period.
If you are still not sure whether you are included, you can ask for free help. You can call 1-877-553-7003 (Toll-Free) or email info@3DSystemsSecuritiesSettlement.com, for more information.Back To Top
The Settlement provides that, in exchange for the release of the Released Claims and dismissal of the Litigation, Defendants have agreed to pay (or cause to be paid) $50 million in cash to be distributed after taxes, fees, and expenses, pro rata, to Class Members who submitted a valid Proof of Claim pursuant to the Court-approved Plan of Allocation. The Plan of Allocation is described in more detail on pages 10-15 of the Notice.Back To Top
At this time, it is not possible to make any determination as to how much any individual Class Member may receive from the Settlement. Your share of the Settlement Amount will depend on several things, including the total amount of claims represented by the valid Proofs of Claim that Class Members sent in compared to the amount of your Recognized Loss Amount, all as calculated under the Plan of Allocation explained in the Notice.
By following the instructions in the Plan of Allocation, located in the Notice, you can calculate what is called your Recognized Loss Amount. It is unlikely that you will get a payment for all of your Recognized Loss Amount. After all Class Members have sent in their Proofs Claim, the payment you get will be a part of the Settlement Amount equal to your Recognized Loss Amount divided by the total of everyone’s Recognized Loss Amount.Back To Top
To be eligible for a payment, you must have submitted a timely and valid Proof of Claim.
Proofs of Claim must have been postmarked or received online on or before July 11, 2018.Back To Top
The Court entered its Order denying the disputed claims for this matter at a hearing in December 2019 and provided a timeframe for appeals to be made to these denials. The Court-ordered timeframe for appeals recently concluded and we are now able to proceed with the distribution. We are currently finalizing the distribution process and anticipate that payments will be made to Authorized Claimants in February 2020.Back To Top
Unless you excluded yourself, you are a member of the Class, which means that upon the “Effective Date” you released all “Released Claims” against the “Released Persons”. For additional information and a definition of these terms, please review Q&A 10 of the Notice.Back To Top
The deadline to exclude yourself from the Class and the Settlement was May 29, 2018. It is no longer possible to opt out of being a part of the Class.Back To Top
No. Unless you excluded yourself, you give up any rights you may have potentially had to sue the Defendants and the other Released Persons for any and all Released Claims (regardless of whether or not you submitted a Proof of Claim). If you have a pending lawsuit against the Released Persons, speak to your lawyer in that case immediately. You must have excluded yourself from the Class in this Litigation to continue your own lawsuit. Remember, the exclusion deadline was May 29, 2018.Back To Top
No. If you excluded yourself, you could not have submitted a Proof of Claim to ask for any money. But, if you did exclude yourself, you may have the right to potentially sue or be part of a different lawsuit against the Defendants and the other Released Persons.Back To Top
The Court ordered that the law firms of Robbins Geller Rudman & Dowd LLP and Motley Rice LLC represent the Class Members, including you. These lawyers are called Lead Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.Back To Top
Lead Counsel applied to the Court for an award of attorneys’ fees not to exceed thirty percent (30%) of the Settlement Amount and for expenses and costs in an amount not to exceed $600,000 in connection with the Litigation, plus interest on such fees and expenses at the same rate as earned by the Settlement Fund. Such sums were approved by the Court and paid from the Settlement Fund.Back To Top
The deadline to object to the Settlement was May 29, 2018. Objections must have been filed with the Court and received by both Lead Counsel and Defendants' Counsel by this date. It is no longer possible to object to the Settlement.Back To Top
Objecting is simply telling the Court that you do not like something about the Settlement. You could have objected only if you stayed in the Class.
Excluding yourself is telling the Court that you do not want to be paid and do not want to release any claims you think you may have against Defendants and their Related Parties. If you excluded yourself, you could not have objected to the Settlement because it does not affect you.Back To Top
The Court held a Settlement Hearing at 11:00 a.m., on Monday, June 25, 2018, at the United States District Court for the District of South Carolina, Matthew J. Perry, Jr. Courthouse, 901 Richland Street, Columbia, SC 29201.
At the hearing, the Court considered whether the Settlement and the Plan of Allocation are fair, reasonable, and adequate. The Court considered any objections received and listened to people who asked to speak at the hearing. The Court also decided how much to pay Class Counsel and Class Plaintiffs.
You can download a copy of the Court's Order and Final Judgment here.Back To Top
No. The Settlement Hearing occurred on June 25, 2018. Lead Counsel answered questions the Court had. Class Members did not need to appear at the hearing or take any other action to indicate their approval.Back To Top
The deadline to provide notice of your intention to speak at the Settlement Hearing was May 29, 2018.
The Settlement Hearing occurred on June 25, 2018.Back To Top
If you did nothing, you will not receive any money from this Settlement. In addition, unless you excluded yourself, you will not be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against Defendants and their Related Parties about the Released Claims in this case, ever again.Back To Top
The $50,000,000 Settlement Amount, minus all taxes, approved costs, fees and expenses (the Net Settlement Fund), will be distributed according to the Plan of Allocation (described in the Notice) to members of the Class who timely submitted a valid Proof of Claim that show a Recognized Loss Amount that is approved for payment by the Court (“Authorized Claimants”). Class Members who did not timely submit a valid Proof of Claim will not share in the Net Settlement Fund, but will otherwise be bound by the terms of the Settlement and what happens in the Litigation. The Court may approve the Plan of Allocation or modify it without additional notice to the Class.
The Plan of Allocation is on pages 10-15 of the Notice, found here.Back To Top