NEW YORK, Oct. 10, 2014 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of New Hampshire, on behalf of all persons who purchased or otherwise acquired GT Advanced Technologies Inc. ("GT" or the "Company") (Nasdaq:GTAT) securities during the period between November 5, 2013 through October 6, 2014, inclusive (the "Class Period"). The class action is also brought as well on behalf of all persons who purchased or otherwise acquired the Company's public offering of 3.00% Convertible Senior Notes due 2020 and the Company's public offering of common stock, both conducted on or around December 4, 2013 (the "Offerings"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act") and the Securities Act of 1933 (the "Securities Act") on behalf of investors that purchased securities pursuant or traceable to the Offerings.
The Complaint alleges that during the Class Period, Defendants misrepresented and/or concealed the Company's (i) cash position; (ii) expected cash position and revenues; (iii) ability to meet the milestones under a critical agreement with Apple for the production of sapphire material; and (iv) 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 the Company 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, you must move the Court no later than December 8, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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