NEW YORK, Oct. 15, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action has been commenced in the United States District Court for the District of New Hampshire on behalf of purchasers of common stock of GT Advanced Technologies, Inc. ("GTAT" or the "Company) (Nasdaq:GTAT) securities, during the period November 5, 2013 to October 6, 2014, inclusive ("the Class Period"), along with purchasers of the Company's public offering of 3.00% Convertible Senior Notes due 2020 and GTAT's public offering of common stock, both conducted on or around December 4, 2013 (the "Offerings").
It is alleged that during the Class Period and/or in the materials for the Offerings, defendants misrepresented and/or concealed GTAT'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 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 GTAT 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%, and the price of the Company's 3.00% Convertible Senior Notes due 2017, which had a face value of $1,000 per note, declined from $1,574 per note to $380 per note, or almost 76%,
If you purchased and incurred losses in the common stock, the 3.00% Convertible Senior Notes due 2020, and/or the 3.00% Convertible Senior Notes due 2017 during the Class Period, we urge you to contact Wolf Haldenstein immediately.
The lead plaintiff deadline is December 8, 2014. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the "GTAT investigation."
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