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.

 (PRNewsfoto/3D Systems)

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