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President, COO of 3D Systems Leaves Posts

May 07, 2003|From Times Wire Services

3D Systems Corp. said Tuesday that its president and chief operating officer has stepped down after an internal investigation of the company's accounting procedures.

Grant Flaharty will stay on as head of sales for the Americas, the Valencia-based maker of three-dimensional imaging systems said.

The company last month fired its chief financial officer, James Selzer, as part of the probe, which focuses on the timing of revenue recognition.

Other employees received an "informal censure" and one member of its sales staff was fired, the company said.

Deloitte & Touche will move ahead with an audit of 3D Systems' 2002 financial statements, which has been delayed by the investigation.

Shares of 3D Systems fell 69 cents to $5.30 on Nasdaq.

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