PHILADELPHIA, Oct. 16, 2014 /PRNewswire/ -- Berger &
Montague, P.C. today announced that it has filed a securities class
action lawsuit against certain of the executive officers of GT
Advanced Technologies Inc. ("GT" or the "Company") (NASDAQ: GTAT).
The action, which is captioned Impagliazzo, et al. v. Gutierrez,
1:14-cv-00458 (D.N.H.), asserts claims under the Securities
Exchange Act of 1934 on behalf of investors in GT securities during
the period of November 5, 2013 to
9:40 am Eastern Standard Time on
October 6, 2014, inclusive (the
"Class Period").
The Complaint alleges that during the Class Period defendants
made statements which misrepresented and/or concealed GT's cash
position, expected cash position and revenues, ability to meet
certain milestones under a critical agreement with Apple for the
production of sapphire material, and the Company's development of a
facility that would produce the sapphire material. These
false and misleading statements were made to the market in public
statements and in the offering materials for GT's offerings of
3.00% Convertible Senior Notes due 2020 and public offering of
common stock, both conducted on or around December 4, 2013. On October 6, 2014, the Company suddenly reversed
course and 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 wish to serve as Lead Plaintiff for the Class, you must
file a motion with the Court no later than December 8, 2014. This class action case
involves all persons who:
- purchased GT's publicly traded securities between November 5, 2013 and 9:40
am Eastern Standard Time on October
6, 2014;
- purchased securities in or traceable to the Company's public
offering of $214 million in principal
amount of 3.00% Convertible Senior Notes due 2020 conducted on or
around December 4, 2013;
- purchased securities in or traceable to GT's public offering of
9,942,196 shares of its common stock conducted on or around
December 4, 2013.
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.
Berger & Montague, P.C., based in Philadelphia, PA, represents plaintiffs in
complex and class action litigation and is consistently ranked as
one of the top plaintiffs' law firms in the United States by many publications.
Berger & Montague, P.C. has extensive experience representing
investors, homeowners, consumers and borrowers in class action
litigation, and the firm has played lead roles in major cases for
over 40 years resulting in recoveries of many billions of dollars
for their clients and the classes they represent. Further
information about Berger & Montague, P.C. can be found at
www.bergermontague.com.
If you wish to discuss this Action or have any questions
concerning this notice or your rights or interests,
SOURCE Berger & Montague, P.C.