SOURCE: Abraham, Fruchter & Twersky, LLP

August 04, 2008 14:31 ET

Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action With Respect to the Recent IPO of GT Solar International, Inc.

NEW YORK, NY--(Marketwire - August 4, 2008) - Abraham, Fruchter & Twersky, LLP ("AF&T") has been retained to file a class action law suit arising out of the initial public offering ("IPO" or the "Offering") of GT Solar International, Inc. ("GT Solar" or the "Company") (NASDAQ: SOLR).

GT Solar completed its IPO of 30,300,000 shares at $16.50 per share on July 24, 2008. LDK Solar Co., Ltd. ("LDK"), GT Solar's largest customer, then announced that it would be purchasing equipment from one of GT Solar's competitors rather than from the Company. GT Solar's stock tumbled by more than 20% from the IPO price.

The proceeds of the Offering, or more than $450 million, went to its controlling shareholder, GT Solar Holdings LLC. The complaint AF&T has prepared for its client asserts claims against, among others, GT Solar Holdings LLC with respect to the proceeds it received from the IPO.

A lead plaintiff has not yet been appointed with respect to the class action arising out of GT Solar's IPO. If you wish to serve as lead plaintiff, you must move the Court by September 30, 2008. To serve as lead plaintiff, you must meet certain requirements set forth in the applicable law and file appropriate papers with the Court. You do not need to seek appointment as a lead plaintiff in order to share in any recovery. You may retain Abraham Fruchter & Twersky LLP, or other counsel of your choice, to serve as your counsel in this action or you may choose to do nothing and remain an absent class member.

If you wish to discuss this action, participate in this lawsuit, or have any questions or concerns regarding this notice, or preservation of your rights, please contact:

Contact Information

  • Jeffrey S. Abraham
    Philip T. Taylor
    Abraham, Fruchter & Twersky, LLP
    One Penn Plaza, Suite 2805
    New York, N.Y. 10119
    Telephone: (212) 279-5050
    e-mail: Email Contact
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