SOURCE: Kaplan Fox & Kilsheimer LLP

August 11, 2008 17:59 ET

Kaplan Fox Seeks to Recover Losses for Investors Who Purchased GT Solar International, Inc. Common Stock

NEW YORK, NY--(Marketwire - August 11, 2008) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has filed a class action suit in the United States District Court for the District of New Hampshire against GT Solar International, Inc. ("GT Solar" or the "Company") (NASDAQ: SOLR) and certain of its officers and directors that alleges violations of the Securities Act of 1933 on behalf of all persons or entities who purchased or acquired the common stock of GT Solar pursuant or traceable to the Company's false and misleading Registration Statement and Prospectus issued in connection with the Company's July 23, 2008 initial public offering ("IPO") (the "Class"). Also named as defendants are certain underwriters of the IPO.

The Complaint alleges that on July 23, 2008 GT Solar accomplished its IPO of 30.3 million shares at $16.50 per share for proceeds of $500 million. As further alleged, on July 24, 2008, in its first day of trading, GT Solar's common stock closed at $14.59 per share.

However, as alleged, before the market opened on July 25, 2008, LDK Solar Co, Ltd. ("LDK"), GT Solar's largest customer, issued a press release announcing it had signed a contract to purchase the same type of equipment it was purchasing from GT Solar from one of GT Solar's competitors and on this disclosure the price of GT Solar's stock declined to as low as $9.30 per share before closing at $12.59 per share on July 25, 2008, representing a 24% decline from the IPO price.

The Complaint alleges that the Registration Statement for the IPO failed to disclose the true extent of the risks surrounding the Company's relationship with LDK, including the fact that GT Solar was at imminent risk of losing out on a contract for future orders from LDK, its single largest customer.

If you are a member of the proposed Class, you may move the court no later than September 30, 2008 to serve as a lead plaintiff for the Class. You need not seek to become a lead plaintiff in order to share in any possible recovery.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, or to review a copy of the complaint filed in this action, you may visit our website at www.kaplanfox.com.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:

Contact Information

  • Frederic S. Fox
    Joel B. Strauss
    Jeffrey P. Campisi
    KAPLAN FOX & KILSHEIMER LLP
    850 Third Avenue, 14th Floor
    New York, New York 10022
    (800) 290-1952
    (212) 687-1980
    Fax: (212) 687-7714
    E-mail address: mail@kaplanfox.com

    Laurence D. King
    KAPLAN FOX & KILSHEIMER LLP
    350 Sansome Street, Suite 400
    San Francisco, California 94104
    (415) 772-4700
    Fax: (415) 772-4707
    E-mail address: mail@kaplanfox.com