PHILADELPHIA, Oct. 13, 2014 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, District of New Hampshire, 14cv00448, on behalf of purchasers of GTAT securities between November 5, 2013 and 9:40 am EST on October 6, 2014 as well as purchasers of the securities in or traceable to the Company's public offering of 3.00% Convertible Senior Notes due 2020.
The Complaint was filed against certain of the Company's executive officers and directors, as well as the underwriters and alleges that during the Class Period and/or in the offering materials for the Offerings, defendants misrepresented and/or concealed GT'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. On September 8, 2014 Thomas Gutierrez, CEO sold 9,232 shares of GTAT reaping over $160,000. Then, on September 9, 2014, Apple unveiled two new models of its iPhone device. During the launch, Apple announced that both models of the iPhone 6 would come with displays produced from ion-strengthened glass, a term that is associated with Gorilla Glass, a competitor of GT's sapphire material. On this news, the price of GT stock dropped from $17.15 per share to $12.78 per share. Similarly, the price of the debt issued pursuant to the Debt Offering declined from $1,613 per note on September 9 to $1,279 per note on September 10, 2014. On 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 GT stock declined almost 93% and the price of the Convertible Senior Notes due 2020, declined almost 71%.
If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than December 8, 2014. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. To discuss this action or ask questions concerning this notice or your rights, please contact plaintiff's counsel, toll-free 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws.
To discuss this action or have any questions concerning this Notice with respect to these matters, PLEASE CONTACT:
| Law Offices Bernard M. Gross, P.C. | |
| Susan R. Gross, Esq. | |
| Deborah R. Gross, Esq. | |
| Telephone: 866-561-3600 (toll free) or 215-561-3600 | |
| E-mail: | susang@bernardmgross.com or |
| debbie@bernardmgross.com. | |
| Website: http://www.bernardmgross.com |