Cooley Helps Stratasys Secure Win in Securities Case
San Diego – August 18, 2017 – Cooley advised Stratasys, a leading 3D printing solutions company, on its successful resolution of an Eighth Circuit appeal. In the decision, a three-judge panel affirmed the dismissal of a securities class action complaint asserting claims under the Securities and Exchange Act of 1934.
The lawsuit centered on Stratasys subsidiary MakerBot, a 3D printer manufacturer focused on consumer desktop 3D printing, and MakerBot’s release of its “fifth generation” or “5G” desktop 3D printers in 2014. Plaintiffs claimed that Stratasys’s public statements about the 5G printers were false or misleading.
The lawsuit was originally dismissed by Judge Patrick J. Schiltz of the US District Court for the District of Minnesota. The Eighth Circuit agreed with the lower court that the plaintiffs fell short of adequately pleading their claim.
Stratasys, which trades on the NASDAQ Global Select Market as “SSYS,” provides applied additive technology solutions for industries including aerospace, automotive, healthcare, consumer products and education. MakerBot was founded in 2009 and was one of the first companies to make 3D printing accessible and affordable.
Cooley advised Stratasys on its acquisition of MakerBot in 2013.
The team contributing to this victory was led by Koji Fukumura, who argued the case, and included John Dwyer, Ryan Blair, Nic Echevestre, Craig TenBroeck, Sophia Rios, Jeanne Detch and Allen Hildebrandt.
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