MINNEAPOLIS, Oct. 14, 2014 (GLOBE NEWSWIRE) -- Lockridge Grindal Nauen P.L.L.P. filed a class action suit in the United States District Court for the District of New Hampshire against GT Advanced Technologies, Inc. ("GT" or the "Company") (Nasdaq:GTAT) and certain of its officers and directors that alleges violations of the Securities Act of 1933 and the Securities and Exchange Act of 1934 on behalf of purchasers of GT Advanced common stock during the period between November 5, 2013 to 9:40 am Eastern Standard Time on October 6, 2014, inclusive (the "Class"). The suit included the underwriters of the Company's public offering of 3.00% Convertible Senior Notes due 2020 and its public offering of common stock, both conducted on or around December 4, 2013 (the "Offerings").
The Complaint alleges that during the Class Period, Defendants misrepresented and/or concealed GT's cash position, expected cash position and revenues, ability to meet 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 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 from $11.05 per share to $0.80 per share, or almost 93%. 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, or almost 71%.
If you are a member of the proposed Class, you may move the court, no later than December 8, 2014, to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery. Plaintiff seeks to recover damages on behalf of the Class.
Lockridge Grindal Nauen P.L.L.P., has extensive experience representing shareholders in class actions and has successfully recovered billions of dollars for defrauded investors and shareholders. The reputation and expertise of the firm in shareholder and other class action litigation have been repeatedly recognized by courts, which have appointed the firm to major positions in complex multi-district and consolidated litigations. The firm has offices in Minneapolis and Washington, D.C.
If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Karen H. Riebel, Esq. (khriebel@locklaw.com)
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401
(612) 339-6900