GT Advanced Technologies Inc.
|Court:||United States District Court, District of New Hampshire|
|Judge:||Hon. Joseph N. Laplante|
|Class Period:||11/5/2013 – 10/6/2014|
|Case Contacts:||John C. Browne, Lauren McMillen Ormsbee, Ross Shikowitz, Jake Nachmani|
This securities class action lawsuit was filed on behalf of Adam S. Levy against certain of the executive officers and directors of GT Advanced Technologies Inc. ("GT" or the "Company"), as well as the underwriters of the Company's public offering of 3.00% Convertible Senior Notes due 2020 and GT's public offering of common stock, both conducted on or around December 4, 2013 (the "Offerings").
The action 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 EST on October 6, 2014, inclusive (the "Class Period"). The action also asserts claims under the Securities Act of 1933 on behalf of investors that purchased securities pursuant or traceable to the Offerings.
The Complaint, filed on October 9, 2014, 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 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%.
On May 20, 2015, the Honorable Joseph N. Laplante of the United States District Court for the District of New Hampshire appointed Douglas Kurz as Lead Plaintiff, and BLB&G as Lead Counsel.