- Jury finds no breach of contract or breach of implied covenant by 3D Systems
- Jury finds in favor of 3D Systems on counterclaim, determines Ronald Barranco violated non-competition covenant
ROCK HILL, S.C., June 06, 2016 (GLOBE NEWSWIRE) -- 3D Systems (NYSE:DDD) announced today that a jury in the United States District Court for the District of Hawaii has rendered a complete defense verdict in its favor in a lawsuit related to the Company’s acquisition of certain website domains in 2011. The jury also found in 3D Systems’ favor on its counterclaim.
On August 23, 2013, Ronald Barranco filed a lawsuit alleging that 3D Systems breached its contract and the implied covenant of good faith and fair dealing regarding the Company’s acquisition of certain website domains from Mr. Barranco.
On May 27, 2016, a jury found that 3D Systems was not liable for either of those two claims. Additionally, the jury found in favor of 3D Systems on its counterclaim and determined that Mr. Barranco violated his non-competition covenant with the Company. The Court is expected to order an accounting with respect to that counterclaim.
“We are pleased that the jury carefully reviewed the facts of this case and quickly determined that Mr. Barranco’s claims were without merit,” said Andrew Johnson, Executive Vice President and Chief Legal Officer. “This verdict affirms our belief that all dealings with respect to Mr. Barranco, including these domains and the acquisition of Print3D Corporation, were in accordance with their respective contracts and implied covenants. We continue to pursue our judicial remedies with respect to the Print3D arbitration decision, in which claims were based on facts similar to those that the jury in Hawaii considered and found convincingly in our favor.”
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking. Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements,” “Cautionary Statements and Risk Factors,” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 3D Systems undertakes no obligation to update or revise any forward-looking statements, even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized, except as may be required by law.
About 3D Systems
3D Systems provides comprehensive 3D products and services, including 3D printers, print materials, on demand manufacturing services and digital design tools. Its ecosystem supports advanced applications from the product design shop to the factory floor to the operating room. 3D Systems’ precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices as well as patient-specific surgical instruments. As the originator of 3D printing and a shaper of future 3D solutions, 3D Systems has spent its 30 year history enabling professionals and companies to optimize their designs, transform their workflows, bring innovative products to market and drive new business models.
More information on the company is available at www.3dsystems.com
Investor Contact: Stacey Witten Email: email@example.com Media Contact: Timothy Miller Email: Press@3dsystems.com