Federman & Sherwood
Announces the Filing of a Securities Class Action Lawsuit against GT Advanced Technologies, Inc.
City, OK (October
13, 2014) – On October
9, 2014, a securities class action lawsuit against certain
executives officers and directors of GT
Advanced Technologies, Inc. (NASDAQ: GTAT) (the “Company”) as well as the
underwriters of the Company’s public offering of 3.00% Convertible Senior Notes
due 2020 and the Company’s public offering of common stock, both conducted on
or around December 4, 2013 (the “Offerings”).
The action was filed in the United States District Court for the District of New Hampshire on behalf of all investors of the
Company’s securities during the period between November
5, 2013 through October
6, 2014 (the “Class Period”).
This action seeks to recover damages against Defendants for alleged
violations of the federal securities laws under the Securities Exchange Act of
1934 (the “Exchange Act”) and the Securities Act of 1933 (the “Securities Act”)
on behalf of investors that purchased securities pursuant or traceable to the
Complaint alleges that during the Class Period and/or in the offering materials
for the Offerings, defendants misrepresented and/or concealed the Company's
cash position, expected cash position and revenues, ability to meet the
milestones under a critical agreement with Apple for the production of sapphire
material, and the progress that the Company was making developing the facility
that would produce the sapphire material.
October 6, 2014, the Company announced that it was experiencing a liquidity
crisis and filed for bankruptcy in the United States Bankruptcy Court for the
District of New Hampshire. On this news, the price of the Company’s stock declined
from $11.05 per share to $0.80 per share. Similarly, the price of the Company's
3.00% Convertible Senior Notes due 2020, which had a face value of $1,000 per
note, declined from $1,083 per note to $315 per note.
seeks to recover damages on behalf of all of the Company’s shareholders who
purchased securities during the Class Period or who purchased or otherwise
acquired securities through the Offerings and are therefore a member of the
Class as described above. You may move
the Court no later than Monday,
December 8, 2014 to serve as a lead plaintiff for the entire
Class. However, in order to do so, you
must meet certain legal requirements pursuant to the Private Securities
Litigation Reform Act of 1995.
join this class action, click here
to obtain an investor certification. Once complete, please email this
form to email@example.com, fax to us at (405) 239-2112 or send by regular mail to
Federman & Sherwood, 10205 North Pennsylvania Avenue, Oklahoma City, OK
73120, ATTN: Lynn.
Posted on Mon, October 13, 2014
by K. Lynn Nunn filed under