SOURCE: Bernstein Litowitz Berger & Grossmann LLP

October 09, 2014 12:54 ET

Bernstein Litowitz Berger & Grossmann LLP Announces Securities Class Action Suit Filed Against Certain Executive Officers and Directors of GT Advanced Technologies Inc. and the Underwriters of Two Public Offerings of the Company's Securities

NEW YORK, NY--(Marketwired - Oct 9, 2014) - Bernstein Litowitz Berger & Grossmann LLP ("BLB&G") today announced that it has filed a securities class action lawsuit on behalf of Adam S. Levy against certain of the executive officers and directors of GT Advanced Technologies Inc. ("GT" or the "Company") (NASDAQ: GTAT), 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, which is captioned Levy v. Gutierrez, 14-cv-443 (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 9:40am Eastern Standard Time 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 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%.

If you wish to serve as Lead Plaintiff for the Class, you must file a motion with the Court no later than 60 days from today. Accordingly, the deadline for filing a motion for appointment as Lead Plaintiff is December 8, 2014. 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.

If you wish to discuss this Action or have any questions concerning this notice or your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or via e-mail at avi@blbglaw.com.

Since its founding in 1983, BLB&G has built an international reputation for excellence and integrity. Specializing in securities fraud, corporate governance, shareholders' rights, employment discrimination, and civil rights litigation, among other practice areas, BLB&G prosecutes class and private actions on behalf of institutional and individual clients worldwide. Unique among its peers, BLB&G has obtained several of the largest and most significant securities recoveries in history, recovering billions of dollars on behalf of defrauded investors. More information about BLB&G can be found online at www.blbglaw.com.

Contact Information

  • CONTACT:
    Avi Josefson
    Bernstein Litowitz Berger & Grossmann LLP
    1285 Avenue of Americas, 38th Floor
    New York, New York 10019
    Telephone: (212) 554-1493