ROCK HILL, S.C., April 13, 2018 /PRNewswire/
-- 3D Systems Corporation (NYSE: DDD) announced today that it
prevailed in the accounting trial for former employee Ron Barranco's violation of his non-competition
covenant. The Court ordered disgorgement of amounts previously paid
to the employee.
On May 7, 2016, a jury in
the United States District Court
for the District of Hawaii
rendered a verdict in favor of 3D Systems on the company's
counterclaim and determined that Mr. Barranco violated his
non-competition covenant with the company. The Court
subsequently ordered an accounting with respect to that
counterclaim.
Following the trial on the accounting, the Court Ordered that
Mr. Barranco disgorge, and 3D Systems recover from Mr. Barranco, an
amount of $522,860, representing all
but four months of the full amount paid to Mr. Barranco as salary
during his employment with 3D Systems, as well as a portion of the
up front and buyout payments made to Mr. Barranco in connection
with the purchase of certain web domains. In addition, the
Court Ordered Mr. Barranco to pay interest to 3D Systems to be
calculated beginning as of Mr. Barranco's first breach of the
non-competition covenant in August 2011. As the prevailing
party, 3D Systems will now move for recovery of its fees and
costs.
"We are pleased with the result of the accounting and the
Court's Order holding Mr. Barranco liable to 3D Systems for amounts
previously paid to him as salary, initial and buyout payments
related to the web domains that we purchased from him," said
Andrew Johnson, Executive Vice
President and Chief Legal Officer. "We believe this result
sends a clear message that 3D Systems will vigorously pursue the
successful enforcement of its intellectual property rights."
Forward-Looking Statements
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 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 many
cases, forward looking statements can be identified by terms such
as "believes," "belief," "expects," "may," "will," "estimates,"
"intends," "anticipates" or "plans" or the negative of these terms
or other comparable terminology. Forward-looking statements
are based upon management's beliefs, assumptions and current
expectations and 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" 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. Although management believes that the
expectations reflected in the forward-looking statements are
reasonable, forward-looking statements are not, and should not be
relied upon as a guarantee of future performance or results, nor
will they necessarily prove to be accurate indications of the times
at which such performance or results will be achieved. The
forward-looking statements included are made only as the date of
the statement. 3D Systems undertakes no obligation to update or
review any forward-looking statements made by management or on its
behalf, whether as a result of future developments, subsequent
events or circumstances or otherwise.
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.
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SOURCE 3D Systems Corporation