NEW YORK, Oct. 16, 2014 /PRNewswire/ -- Wolf Popper LLP has
filed a class action lawsuit against officers of GT Advanced
Technologies, Inc. (NASDAQ: GTAT), in the United States District
Court for the District of New
Hampshire, on behalf of all persons who purchased GTAT's
publicly traded securities between November
5, 2013 and October 6, 2014,
and were damaged thereby. The class action is also brought on
behalf of all persons who purchased GTAT's public offering of 3.00%
Convertible Senior Notes due 2020 and GTAT's public offering of
common stock, both conducted on or around December 4, 2013. This action alleges
claims for violations of Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934.
If you are a member of the Class, you may file a motion no later
than December 8, 2014 to be appointed
a lead plaintiff. A lead plaintiff is a representative party
acting on behalf of other class members in directing the
litigation. Investors who purchased GTAT during the Class
Period and suffered losses are urged to contact Wolf Popper to discuss their rights.
The Complaint charges that Defendants made materially false
and/or misleading statements with respect to GTAT's relationship
with Apple, and that GTAT was in a "good capital position."
However, Defendants failed to disclose, among other things, that
GTAT: (i) would not be able to meet the requirements of its
multi-year agreement with Apple to supply sapphire materials; (ii)
was facing a liquidity crisis given its failure to meet the
requirements of its supply agreement with Apple; (ii) revenue
guidance for 2014 was inflated because Apple would not be using its
sapphire materials in the new iPhone; and (iv) would not be ending
the year with $400 to $450 million in
cash.
On October 6, 2014, GTAT announced
that it was experiencing a liquidity crisis and filed for
bankruptcy. On this news, the price of GTAT shares plummeted
$10.25 per share, or nearly 93%, to
close at $0.80 per share.
Wolf Popper has successfully
recovered billions of dollars for defrauded investors. The
firm's reputation and expertise have been repeatedly recognized by
the courts, which have appointed the firm to major positions in
securities litigation. See www.wolfpopper.com
For more information, please contact:
Robert C. Finkel, Esq.
Tel.: 877.370.7703
Fax: 877.370.7704
Email: irrep@wolfpopper.com
website: www.wolfpopper.com
SOURCE Wolf Popper LLP