Desktop Metal, Inc.
|Company Name||Desktop Metal, Inc.|
On November 8, 2021, after the market closed, Desktop Metal disclosed that it was conducting an internal investigation into matters raised by a whistleblower complaint, including “manufacturing and product compliance practices and procedures with respect to a subset of its photopolymer equipment and materials at its EnvisionTec US LLC facility.” The Company also stated that the Chief Executive Officer of EnvisionTec US LLC had resigned.
On this news, Desktop Metal’s stock fell $0.39, or 4%, to close at $8.81 per share on November 9, 2021.
Then, on November 15, 2021, the Company stated that it would notify the U.S. Food and Drug Administration (“FDA”) of “compliance issues with certain shipments of EnvisionTEC’s Flexcera dental resins and its PCA4000 curing box.”
On this news, Desktop Metal’s stock dropped as much as 19.5% during intraday trading on November 16, 2021, thereby injuring investors.
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