NEWS PROVIDED BY Gaw | Poe LLP
Oct 26, 2015, 13:40 ET
San Francisco, California (PRWEB) October 26, 2015 — Gaw | Poe LLP today announced that on behalf of its client Ronald Barranco, it obtained an arbitration award of $11,281,681.46 in favor of Mr. Barranco against 3D Systems Corporation and its subsidiary 3D Systems, Inc. 3D Systems is one of the world’s leading providers of three dimensional printing solutions.
Per the October 16, 2015 Modified Final Award issued by the arbitrator, Mr. Barranco initiated the arbitration in connection with 3D Systems’ acquisition of his company, a startup that had developed a piece of “plug-in” software for CAD users called “Print3D.” Once the Print3D tool was installed in the CAD program, it would allow the CAD user to obtain instant quotes for the production cost of whatever three-dimensional part the user was designing, as it was being designed. Under the terms of the acquisition agreement, 3D Systems was to launch a new “Print3D” business unit to promote the plug-in, and Mr. Barranco was to be hired as a co-manager of that new business unit. Furthermore, 3D Systems was to share with Mr. Barranco its future revenues generated by the Print3D tool, over a three-year “earnout period” following the acquisition. But 3D Systems ended up paying Mr. Barranco nothing under the earnout provision, and instead fired him, without stating any grounds for doing so, just 20 months after his employment began.
