3D Systems (DDD): Small Company, Big Festering Problems
Shoddy Disclosures, Chronic Internal Controls Problems, Recent Loss of CFO
3D Systems (DDD): $2.61 $336 mm Mkt Cap
Summary and Opinion
If we were advising the board of 3D Systems, we’d suggest they call for meaningful focus on improving disclosure quality and addressing lingering accounting issues at the company.
There is no excuse for internal controls problems to go unresolved for almost 5 years now. Fix it.
Tell your management and lawyers to stop playing Disclosure Games about what’s behind 3D’s long-running SEC investigation.
As written, and since first disclosed in Aug-2022, DDD requires investors to go look up an unidentified a court case from years ago to try to find out what the SEC has been investigating since at least then.
Your average investor doesn’t have easy access to the resources needed to do that. Most will just give up and move on to another company.
This is a shoddy disclosure practice.
Failing the above, we see no reason for investors to take the risk of owning these shares at this time.
An Array of Festering Problems
You still can’t figure out what the SEC has been investigating since 2021.
Internal controls weakness, dating back to Dec-2020.
CFO left on short notice, Oct-2023.
New Auditor, Dec-2023.
Replacement CFO also left on short notice, Sep-2025.
Below we show the shoddy disclosures from 3D Systems about an SEC probe we were tracking since Sep-2021, but not disclosed until Aug-2022.
From the recent 10-Q filed on 04-Nov-2025:
"… our disclosure controls and procedures were not effective as of September 30, 2025 due to the material weaknesses discussed in our 2024 Annual Report on Form 10-K. [DI Note: This has been the case since Dec-2020]
SEC Investigation
On April 15, 2022, the Company was informed that the SEC is conducting a formal investigation of the Company related to, among other things, allegations that had been brought against the Company in a securities class action lawsuit that was brought against the Company in 2021 and settled in January 2024. The Company has subsequently received subpoenas from the SEC for the production of documents and information related to its investigation as a follow on to a previous voluntary request for documents. The most recent SEC subpoena was received by the Company in August 2024, and requested additional documents and information relating to its continuing investigation of the Company. The Company completed its submission of this additional information to the SEC by the end of November 2024. The Company is continuing to cooperate with the SEC in connection with its formal investigation.
Developments of Note:
10-Q filed on 09-Nov-2022: Internal controls not effective.
8-K filed on 21-Sep-2023: CFO resigns, effective 15-Oct-2023.
8-K filed on 06-Dec-2023: Changes in Registrants Certifying Accountant.
8-K filed on 14-Dec-2023: New CFO.
8-K filed on 11-Jan-2024: Legal counsel leaving effective, effective 3-Apr-2024.
NT 10-K filed on 29-Feb-2024: 10-K delayed.
8-K filed on 11-Mar-2024: Can’t file 10-K within 15-day extension period.
8-K filed on 22-Mar-2024: NYSE Delisting notice.
NT 10-Q filed on 13-May-2024: 10-Q delayed.
NT 10-Q filed on 09-Aug-2024: 10-Q delayed.
10-K filed on 13-Aug-2024 (For FY 2023).
10-Q filed on 20-Aug-2024 (For Q1-2024).
10-Q filed on 29-Aug-2024: Internal controls not effective.
NT 10-Q filed on 13-Aug-2024: 10-Q delayed.
8-K filed on 22-Nov-2024: NYSE Delisting notice.
NT 10-K filed on 17-Mar-2025: 10-K delayed.
10-K filed on 27-Mar-2025: Internal controls not effective.
10-Q filed on 12-May-2025: Internal controls not effective.
10-Q filed on 11-Aug-2025: Internal controls not effective.
8-K filed on 18-Aug-2025: CFO resigned on short notice, on 12-Aug-2025, effective one month later. He started in Dec-2023. Just 20 months there.
8-K filed on 20-Aug-2025: CFO leaving sooner than expected. Was expected to be effective 12-Sep-2025. Interim CFO appointed effective 29-Aug-2025.
10-Q filed on 04-Nov-2025: Internal controls not effective.