GTAT INVESTOR ALERT: Class Action Lawsuit Against Certain GT Advanced Technologies, Inc. Executives Filed by Glancy Binkow & ...
October 20 2014 - 5:23PM
Business Wire
Glancy Binkow & Goldberg LLP, representing investors of GT
Advanced Technologies, Inc. (“GT Advanced” or the “Company”)
(NASDAQ:GTAT), has filed a class action lawsuit in the United
States District Court for the District of New Hampshire on behalf
of a class (the “Class”) comprising purchasers of GT Advanced
securities between November 5, 2013 and 9:40 AM on October 6, 2014,
inclusive (the “Class Period”). The lawsuit is entitled Deerhaven
Capital, LLC. v. Gutierrez, et al, and docketed as 14-cv-00463.
Please contact Lesley F. Portnoy at (888) 773-9224 or (310)
201-9150, or at shareholders@glancylaw.com to discuss this matter.
If you inquire by email please include your mailing address,
telephone number and number of shares purchased.
The Complaint alleges that defendants made false and/or
misleading statements and failed to disclose material adverse facts
about the Company’s operations and financial prospects.
Specifically, defendants misled investors that there were
significant risks that the Company would be unable to fulfill the
requirements of an agreement with Apple, Inc. to supply sapphire
material; and that, as a result the Company was facing a liquidity
crisis.
On September 9, 2014, Apple revealed that its new iPhone 6 and
iPhone 6 Plus smartphones utilized Corning’s Gorilla Glass for the
display instead of GT Advanced’s sapphire material as investors
were expecting. On this news, shares of GT Advanced declined $2.29
per share, nearly 13%, to close on September 9, 2014, at 14.94 per
share, on unusually heavy volume.
On October 6, 2014, GT Advanced announced that the Company was
filing for bankruptcy protection under Chapter 11. According to the
Company, as of September 29, 2014 GT Advanced had approximately $85
million of cash remaining. On this news, shares of GT Advanced
declined $10.25 per share, nearly 93%, to close on October 6, 2014,
at $0.80 per share, on unusually heavy volume.
If you are a member of the Class described above, you may move
the Court no later than December 8, 2014, to serve as lead
plaintiff, if you meet certain legal requirements. To be a member
of the Class you need not take any action at this time; you may
retain counsel of your choice or take no action and remain an
absent member of the Class. If you wish to learn more about this
action, or if you have any questions concerning this announcement
or your rights or interests with respect to these matters, please
contact Lesley F. Portnoy. If you inquire by email, please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
Glancy Binkow & Goldberg LLPLesley F. Portnoy888-773-9224 or
310-201-9150shareholders@glancylaw.com